Pfizer reports loss as Covid-19 revenues shrink

Pfizer reports loss as Covid-19 revenues shrink

Pfizer reported a third-quarter loss due to a writedown in Covid-19 products
Pfizer reported a third-quarter loss due to a writedown in Covid-19 products. Photo: Angela Weiss / AFP/File
Source: AFP

PAY ATTENTION: Let yourself be inspired by real people who go beyond the ordinary! Subscribe and watch our new shows on Briefly TV Life now!

Pfizer reported Tuesday a loss following a sharp fall in the sales of its Covid-19 vaccine and therapeutic from pandemic peaks.

The drugmaker reported a third-quarter loss of $2.4 billion, compared with $8.6 billion in profits in the year-ago period.

Results were dented by a $5.6 billion inventory write-down in Covid-19 therapeutic Paxlovid and vaccine Comirnaty.

The results came after Pfizer on October 13 lowered its forecast due to the precipitous drop in company revenues as Covid-19 rates have declined.

In the third quarter, revenues fell 42 percent to $13.2 billion.

But following solid third-quarter growth in non-Covid products, Pfizer said the company was on track to reach its 2023 targets thanks to recent government approvals of new medications.

Read also

AB InBev profit higher despite Bud Light sales plunge

"We have achieved several recent milestones that speak to the underlying strength and breadth of our scientific pipeline," said Chief Executive Albert Bourla, who cited government approvals in the United States and Europe for Abrysvo to counter Respiratory Syncytial Virus (RSV) and of other treatments for hair loss and lung cancer.

Pfizer said it is midway through a "cost realignment" program that will yield $3.5 billion in annual savings through 2024.

The company has undertaken no share repurchases this year and none are expected in the fourth quarter, Pfizer said.

Shares of Pfizer rose 0.1 percent in pre-market trading.

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.