Slump in corona drugs
Pfizer with its first loss since 2019
October 31, 2023, 2:00 p.m
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The special boom caused by the corona pandemic is over for the pharmaceutical industry. The US company Pfizer is slipping deep into the red due to depreciation. The already lowered forecast is confirmed.
A collapse in demand for corona drugs and vaccines caused the US pharmaceutical company Pfizer its first loss since 2019. In the third quarter, Pfizer made a loss of $2.4 billion, as the partner of the Mainz-based biotech company Biontech announced. A year ago, the company earned $8.6 billion.
While sales of the corona drug Paxlovid fell by 97 percent to $202 million, sales of the Comirnaty vaccine developed jointly with Biontech fell by 70 percent to $1.3 billion. Overall, revenue amounted to $13.2 billion – more than 40 percent less.
Pfizer had already massively reduced its annual targets in mid-October due to the low demand for corona funds. Write-downs and charges totaled $5.5 billion in the third quarter, of which $4.6 billion was attributable to Paxlovid and the remainder to Comirnaty. The group also wants to launch a $3.5 billion savings program, which also includes job cuts.
Pfizer reaffirmed its recently lowered full-year guidance, which calls for adjusted earnings per share of $1.45 to $1.65 and revenue of $58 billion to $61 billion. Pfizer shares stagnated premarket. In the past three months it has lost more than 15 percent.