Sales of the company's coronavirus vaccine Comirnaty dropped 70% during the third quarter compared with the same period a year earlier, Pfizer reported on Tuesday.
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.
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.
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.
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