Pfizer lost more than $2 billion in the third quarter as an expected COVID-19 product sales decline clipped revenue.
Sales of the drugmaker's COVID treatment Paxlovid and the vaccine Comirnaty slid 97% and 70%, respectively, as Pfizer, like its competitors, switched to selling on the commercial market instead of to governments.
In the third quarter, the drugmaker booked a non-cash, $5.6 billion charge for inventory write-offs of the COVID products. Pfizer also had a revenue reversal of more than $4 billion in the third quarter. That was tied to the return of nearly 8 million courses of Paxlovid from the U.S. government. Spokeswoman Pam Eisele said that was a credit that will be booked as revenue next year when the company delivers more treatment courses on the commercial market.
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