Pfizer Reports First Quarterly Loss Since 2019 – One America News Network

November 1, 2023 James Meyers US 0

NEW YORK, NY - JULY 22: Pfizer Inc. signage is seen on July 22, 2020 in New York City. Pfizer and German biotechnology firm BioNTech have agreed to supply the U.S. government with 100 million doses of coronavirus vaccine under a $1.95 billion deal. (Photo by Jeenah Moon/Getty Images) — (Photo by Jeenah Moon/Getty Images)

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.