Pfizer posts third-quarter loss, flags impact of COVID product charges
Investing.com | Author Scott Kanowsky
Published Oct 31, 2023 19:16
Investing.com -- Pfizer (NYSE:PFE) has reported its first quarterly loss since 2019, while revenue also missed estimates, as the drugmaker was hit by charges linked to its COVID-19 treatments.
The New York-based drugmaker posted a diluted loss per share of $0.42 in the third quarter, slumping from a profit of $1.51 a share in the corresponding period last year.
In a statement, Pfizer flagged that it was "significantly impacted" by $5.6B in non-cash inventory write-offs and other charges related to its COVID products, including $4.7B for its Paxlovid antiviral treatment and $900 million for Comirnaty, a vaccine co-developed with Germany's BioNTech (NASDAQ:BNTX).
Revenue in the three months ended on Oct. 1 also slipped by 42% to $13.23B, missing Bloomberg consensus expectations of $13.49B.
Meanwhile, Pfizer reaffirmed its annual revenue forecast, which it had reduced by 13% earlier this month due to lower-than-projected sales of its COVID vaccines and treatments. A post-pandemic drop in vaccination rates and an uptick in population-wide immunity have cooled the once red-hot clamor for the company's COVID offerings. The drugs previously fueled a spike in revenue to record levels in 2021 and 2022.
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