All articles tagged with #covid 19 products
Pfizer's Q3 earnings exceeded estimates due to cost cuts and strong sales of older products like Eliquis, but revenue declined overall, driven by lower sales of COVID-19 vaccines and antivirals, and the stock has fallen nearly 60% since 2021 amid patent expirations and market challenges.
Pfizer's third-quarter financial report fell slightly short of Wall Street expectations as the company's sales of Covid-19 products dropped, following a recent reduction in sales forecasts.
Pfizer reported its first quarterly loss since 2019, attributing it to declining demand for its COVID-19 products. The company incurred a $5.6 billion non-cash write-off in the third quarter. Despite the loss, Pfizer aims to offset revenue declines through new vaccine approvals and portfolio expansions.
Pfizer is considering implementing a cost-cutting program if demand for its COVID-19 products continues to underperform expectations. Sales of the COVID-19 vaccine, Comirnaty, fell 83% in the second quarter, while revenue from its antiviral treatment, Paxlovid, tumbled 98%. The company expects 2023 to be a low point for COVID product sales but anticipates a potential return to growth next year. Pfizer is also facing challenges such as damage to a warehouse, a narrower-than-expected recommendation for its RSV vaccine, and concerns about the patient population for its recently approved cancer drug. Additionally, the company is preparing for increased competition from cheaper generics for its top-selling drugs.