The readings for the kanji that make this word are the kun'yomi readings, where fire's ひ changes to び. You already learned the kun'yomi reading for 花 when you learned the kanji, so it's only a matter of remembering to use the kun'yomi for 火. If you do, you should be able to read this word.
The fireworks are only going off on Friday.
I went to see a fireworks display with my family yesterday.
Fireworks have a great smell, don’t they?