NEW YORK: US drugmaker Pfizer reported Tuesday a loss of US$2.4 billion for the third quarter due to the continued declining sales of its Covid-19 vaccine and treatments, reported Xinhua.
Pfizer said its third-quarter revenue was US$13.23 billion, lower than expected, down 42 per cent from a year ago.
The company's quarterly Covid-19 vaccine sales raked in US$1.31 billion, a drop of 70 per cent from the year-ago quarter.
Sales of Paxlovid, its major coronavirus treatment, slid 97 per cent during the same period from a year earlier.
Pfizer's stock fell more than 1 per cent on Tuesday after the report. Its shares slumped roughly 40 per cent for the year as of Monday's close, putting the company's market value at around US$172.5 billion.
The pharmaceutical giant struggled to navigate a rapid decline of the Covid-19 business as the pandemic receded and the demand for its coronavirus products weakened, switching to selling on the commercial market from to the US government.
Two weeks ago, Pfizer released its full-year adjusted earnings and revenue guidance, which were drastically lower than its initial forecast, and the company cut its annual revenue expectations by US$9 billion. The drugmaker also announced a sweeping cost-cutting plan of US$3.5 billion.
Pfizer expected 2023 revenue growth of 6 per cent to 8 per cent from non-Covid products, including its new-launched respiratory syncytial virus (RSV) vaccine, with a majority occurring in the second half of this year. — Bernama