Pfizer swings to quarterly loss due to Paxlovid write-off
2023.10.31 07:06
© Reuters. FILE PHOTO: Paxlovid, Pfizer’s anti-viral medication to treat the coronavirus disease (COVID-19), is displayed in this picture illustration taken October 7, 2022. REUTERS/Wolfgang Rattay/Illustration/File Photo
(Reuters) -Pfizer on Tuesday reported its first quarterly loss since 2019, as the U.S. drugmaker recorded $5.6 billion in charges related to its COVID products like its antiviral treatment Paxlovid and vaccine Comirnaty.
The company posted a loss of 42 cents per share for the third quarter. It had reported a profit of $1.51 per share in the year-ago quarter.
Sales of the COVID-19 pill Paxlovid and the vaccine it makes with German partner BioNTech SE (NASDAQ:) boosted Pfizer (NYSE:)’s revenue to record levels in the last two years.
However, the company earlier this month slashed $9 billion off its 2023 sales forecast after agreeing to take back nearly 8 million Paxlovid courses from the U.S. government.
Pfizer recently announced a $3.5 billion cost-cutting program as demand for its pandemic-related products has plunged.
Shares of the New York-based drugmaker edged higher in premarket trading.
