What happened

Shares of Moderna (MRNA -1.75%) climbed 2.9% on Tuesday after fellow COVID-19 vaccine maker Pfizer (PFE -1.82%) boosted its full-year sales and profit forecast. 

So what

Pfizer raised the low end of its revenue guidance range to $99.5 billion from $98 billion. The pharmaceutical giant also lifted its adjusted earnings per share target range to between $6.30 and $6.45, up from $6.40 to $6.50.

Most encouraging to Moderna's shareholders was Pfizer's increased sales forecast for its COVID-19 vaccine, Comirnaty. Pfizer now sees sales of the drug reaching a staggering $34 billion in 2022. That's $2 billion higher than it previously projected. 

The news helped to ease investors' fears that Moderna's COVID-19 vaccine sales could fall short of expectations when the company reports its third-quarter financial results on Thursday. 

Now what

Higher-than-expected sales of Moderna's coronavirus vaccines and boosters would no doubt provide an additional boost to its share price. Moderna generates essentially all its sales and profits from the drugs.

Strong demand for vaccines would also allow Moderna to benefit even more from widely expected price hikes in 2023. Pfizer is reportedly planning to increase the price of its COVID-19 vaccine to as much as $130 per shot next year. The U.S. government currently pays Pfizer $30.50 per dose. 

Higher vaccine-related revenue would also provide Moderna with more capital to invest in its promising research and development program. The biotech has an array of drug candidates in clinical trials targeting diseases such as influenza, HIV, and cancer.