AstraZeneca narrows losses from COVID-19 vaccine

British-Swedish multinational pharmaceutical AstraZeneca narrowed losses from its Covid-19 vaccine in the second quarter but its earnings fell below forecast.

The drug-maker pledged last year to distribute the vaccine at no profit during the pandemic. 

The vaccine boosted second-quarter revenue by $894 million but contributed to about $13 million in losses. 

AstraZeneca lost around $40 million  on its Covid-19 vaccine in the first three months of  this year.

AstraZeneca Chief  Executive Pascal Soriot says the company and its manufacturing partners had released one billion doses of  the vaccine for use in more than 170 countries. 

That included 700 million doses delivered by the end of  June.

The results widen a financial divide between AstraZeneca and other Covid-19 vaccine makers that fast-tracked pandemic shots. 

U.S. drug giant Pfizer Incorporated last week said it had delivered more than one billion doses of  its vaccine, developed with Germany's BioNTech.

In contrast with AstraZeneca's, that shot has been hugely profitable.

Pfizer said it expects sales of  its Covid-19 vaccine this year to amount to $33.5 billion, almost 30% higher than its forecast three months earlier, reflecting the company's expectations for demand for booster shots. 

The company has forecast pre-tax profit on the vaccine as a percentage of  sales in the range of  the high 20s. 

Pfizer hasn't broken out vaccine profits, but the guidance suggests it is on track to make more than $8 billion in profit from the shot this year.