Pfizer on Tuesday reported its first quarterly loss since 2019 as demand for its COVID products dwindled.
Sales of the company’s coronavirus vaccine Comirnaty dropped 70% during the third quarter compared with the same period a year earlier. Sales of its COVID-19 treatment Paxlovid fell 97% from the same period a year ago, the company said.
Pfizer, which announced a $3.5 billion cost-cutting program earlier this month, slashed $9 billion off its 2023 sales forecast after agreeing to take back nearly 8 million Paxlovid treatment courses from the U.S. government.
Pfizer expects Paxlovid to remain available for free to Americans through the end of the year.
PFIZER SAYS IT’S EYEING A $110 TO $130 LIST PRICE FOR COVID-19 VACCINE IN U.S.
The company posted a net loss of 42 cents per share for the third quarter. Excluding one-time items, Pfizer reported a loss of 17 cents per share compared with analysts’ expectations for a loss of 34 cents, and a profit of $1.78 per share a year ago.
Pfizer also said it will book a $5.6 billion charge for write-offs related to its COVID inventory.
NEW PFIZER PILL CHALLENGING OZEMPIC WILL BE A ‘HUGE, HUGE DRUG’: DR. MARC SIEGEL
The company noted that the drop in revenue from COVID products would be partially offset by “expected operational growth” from its non-COVID-19 in-line portfolio, including new product and indication launches and recently acquired products.
Pfizer CEO Albert Bourla said the company is “encouraged by the strong performance of Pfizer’s non-COVID products in the third quarter of 2023.”
Revenue from Pfizer’s non-COVID products grew 10% operationally during the quarter.
In particular, Bourla noted recent milestones including the approval and launch of its RVS vaccine Abrysvo in the European Union as well as the U.S. approval and launch of Elrexfio, a medication used to treat adults with multiple myeloma.
Bourla said the company is also making headway on its acquisition of cancer-focused biotech company Seagen Inc.
Read the full article here