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Reading: UPDATE 2-Pfizer swings to quarterly loss due to COVID products write-off
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24x7Report > Blog > Finance > UPDATE 2-Pfizer swings to quarterly loss due to COVID products write-off
Finance

UPDATE 2-Pfizer swings to quarterly loss due to COVID products write-off

Last updated: 2023/10/31 at 11:23 AM
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(Provides COVID product gross sales in paragraphs 6 and seven)

Oct 31 (Reuters) – Pfizer on Tuesday reported its first quarterly loss since 2019, because the U.S. drugmaker recorded $5.6 billion in fees associated to its COVID merchandise equivalent to its antiviral therapy Paxlovid and vaccine Comirnaty.

Paxlovid gross sales slumped 97% within the quarter to $202 million, whereas vaccine income got here in at $1.31 billion, down from $4.4 billion final 12 months.

Gross sales of the COVID-19 capsule and the vaccine it makes with German accomplice BioNTech SE had boosted Pfizer’s income to report ranges within the final two years.

Pfizer earlier this month slashed $9 billion off its 2023 gross sales forecast after agreeing to take again practically 8 million Paxlovid programs from the U.S. authorities.

The corporate has additionally introduced a $3.5 billion cost-cutting program as demand for its pandemic-related merchandise plunged.

Pfizer posted a lack of 42 cents per share for the third quarter. It had reported a revenue of $1.51 per share within the year-ago quarter.

(Reporting by Bhanvi Satija in Bengaluru; Enhancing by Sriraj Kalluvila)

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TAGGED: 2Pfizer, COVID, due, Loss, products, quarterly, swings, Update, writeoff

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