Pfizer (PFE) reported its third quarter results on Tuesday and stocks fell by about 2 percent, in early trading. The giant pharmaceutical company has reported its first loss in a quarter, since 2019. Earlier in the month, it had recorded a $5.6 billion one-time charge as it had to account for the return of millions of doses of Paxlovid, its anti-viral treatment and inventory of Comirnaty, its vaccine, by the U.S. government.
As the pandemic has lost its peak and fizzled, Pfizer saw booming profits from sales of vaccines and drugs to combat Covid, fall by a huge percent. There has been a 40 percent drop in the pharmaceutical giant’s share price and it could continue to drop further as there would be lessening demand for drugs or vaccines for Covid treatments, as immunity against the virus has increased among communities.
These third quarter results showed a loss of 42 cents per share. Pfizer reported a profit of $1.51 per share in the same quarter last year, mainly due to sales of its Covid treatments. It also reported an overall revenue of $13.23 billion, while its revenue was $22.64 billion, a year earlier.
Paxlovid sales declined by 97 percent in the quarter and earned $202 million this quarter while analysts had estimated $618.20 million for Paxlovid according to data from LSEG. The analysts had also expected vaccine sales of $1.44 billion but Pfizer reported sales of $1.31 billion.
Although Pfizer reported a decline in revenues by 42 percent, its chief financial officer (CFO) David Denton released a statement that said that non-Covid product sales had increased by 10 percent on an operational basis.
Pfizer’s CFO also said that the company is “squarely on target” and would hit its proposed 6 percent to 8 percent full year target on non-COVID operational growth revenue.
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