OAN’s James Meyers
1:53 PM – Wednesday, November 1, 2023
Pfizer has announced their first quarterly loss since 2019, highlighting how the demand for COVID-19 products have decreased.
On Tuesday, the vaccine company announced that sales of the company’s coronavirus vaccine dropped by 70% during the third quarter, compared with the same period a year earlier. Also, sales of its COVID-19 treatment Paxlovid dropped a staggering 97% from the same period a year ago as well.
This comes after Pfizer announced a $3.5 billion cost-cutting program in October, which cut $9 billion off its 2023 sales forecast after it agreed to take back almost 8 million Paxlovid treatment courses from the U.S. government.
Meanwhile, Pfizer expects Paxlovid to remain available and complimentary to Americans through the end of 2023.
Additionally, Paxlovid brought in $202 million in revenue, which is a drop of 97%. Experts had predicted that the drug would bring in $613.5 million in sales, according to FactSet estimates.
Pfizer reported a net loss of $2.38 billion in the third quarter, or 42 cents per share. This is compared to a net income of $8.61 billion, or $1.51 per share, during the same quarter a year ago.
However, the vaccine company claimed that the drop in revenue from COVID-19 products would be somewhat offset by “expected operational growth” from new products, acquired products, and indication launches.
Pfizer CEO Albert Bourla said that the company is “encouraged by the strong performance of Pfizer’s non-COVID products in the third quarter of 2023.”
Bourla also said that the company is expanding on its acquisition of cancer-focused biotech company Seagen Inc.
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts