(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)
