Pfizer suffered losses in the third quarter due to a decline in demand for COVID drugs
The company's profit fell by 79% compared to last year
Pfizer on Tuesday reported its first quarterly loss since 2019 amid declining demand for coronavirus drugs and significant write-offs related to the US government's recall of several million doses of the antiviral drug Paxlovid.
Source. Reuters
According to Pfizer's third-quarter financial results released on Tuesday, its quarterly revenue fell 42% to $13.2 billion, and instead of a profit of $8.6 billion in July-September 2022, the company reported a loss of $2.3 billion.
In the first nine months, Pfizer's profit amounted to $5.5 billion (down 79% from $26.4 billion in the same period last year).
Sales of Pfizer's Comirnaty coronavirus vaccine decreased by 70%, or $3.1 billion, in the third quarter, and sales of Paxlovid coronavirus vaccine decreased by 97%, or $7.3 billion.
Background. As reported, Pfizer and Pioneering plan to invest $100 million in the development of drugs for hard-to-treat diseases.
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