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Pfizer: sales fell by 20% due to lower demand for covid products

Pfizer: sales fell by 20% due to lower demand for covid products

The American pharmaceutical company Pfizer reported that in the first quarter of this year it recorded net profits of US$ 3,115 million, 44% less than in the same period of 2023. While the company’s billing reached US$ 14,879 million, a reduction of 20% in interannual terms.

According to the New York-based pharmaceutical giant, the drop in revenue is explained by lower demand for its drug-related business. covidwhich includes the vaccine Comirnaty and antiviral treatment Paxlovid. The latter had a decrease in income of 88% and 50%, respectively.

By segment, primary care was the most notable with a turnover of US$ 7,211 million, 38% less than the first quarter of 2023, followed by special care, which grew 6% to US$ 3,843 million, and oncology, which increased by 18% to US$ 3,549 million.

About, David Denton, chief financial officer and executive vice president of Pfizerwas satisfied with the 11% growth in operating income from non-technology-related products. covid. In that sense, he added that this result “demonstrates our attention to business execution”.

Pfizer’s financial statements were well received by the stock market. Thus, the actions in Wall Street they rose by 3.4%. This in a scenario where the company has had an 8% drop in the stock market so far this year.

Perspectives remain

Pfizer expects its revenue at the end of 2024 to remain between $58.5 billion and $61.5 billion. Additionally, the company sees a significant opportunity in addressing the medical need for respiratory tract infections, particularly in Europe with your RSV vaccine.

Topics that may interest you about Pfizer:

  • Pfizer officially absorbs biotech company Seagen in US$43 billion deal
  • Pfizer will modify anti-obesity tablet after negative results
  • European Commission gives green light to Pfizer’s purchase of pharmaceutical company Seagen

Source: Gestion

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