Pfizer Inc. (NYSE:PFE) said it expects to make US$26bn (£19bn) revenues from the COVID-19 vaccine developed with BioNTech this year.

The pharma giant upgraded full-year guidance to US$70.5-72.5bn to include better than expected contributions for the jab, which will partially be offset by R&D expenses.

READ: Pfizer/BioNTech vaccine works on Brazil variant, study shows

The partners expect to deliver 1.6bn doses in 2021 according to the agreements secured as of mid-April.

Pfizer signed a contract to supply the inoculation to Canada and Israel beyond 2021, and is currently negotiating similar contract with other countries.

In the first quarter, Pfizer made US$3.5bn revenues from the vaccine, compared to US$275mln for AstraZeneca PLC (LON:AZN) which has not been selling it for a profit.

Total revenue for the US behemoth rose 8% to US$14.6bn, with reported net income up 45% to US$4.8bn. The quarterly dividend was maintained at US$0.39 per share.

Meanwhile, it is understood that the US will authorise the Pfizer/BioNTech jab for people aged 12-15, which are 16mln in the country.

Shares were flat at US$39.96 on Tuesday at open.

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