2023-10-31 15:30:00
American pharmaceutical company Pfizer found itself in the red in the third quarter due to falling demand for Covid vaccines. The company recorded a loss of $2.4 billion (2.3 billion euros) from July to September, while it had made a profit of more than $8.6 billion over the same period l ‘last year.
During the corona period, Pfizer was the first company to offer a vaccine against the virus, developed in collaboration with the German company BioNTech. The Americans made several billion from this, but the company, which owns a large factory in Puurs where, among other things, the corona vaccine is manufactured, has been lacking this income for some time. Total revenue in the third quarter fell 42 percent to $13.2 billion. Sales of corona booster vaccines fell 70 percent to $1.31 billion, around 200 million less than analysts expected.
Sales of the corona drug Paxlovid fell 97 percent to $202 million, almost $170 million less than expected. Pfizer had to write down $5.6 billion on its stocks of vaccines and the drug Paxlovid due to falling demand. According to the Bloomberg news agency, this was the first time in more than 30 years that Pfizer recorded a quarterly loss. The company also said it would save about $3.5 billion in costs, including through layoffs and reduced research and development costs.
On Friday, Pfizer announced the closure of two factories in North Carolina. Two weeks ago, the company also announced that it would lower its outlook for 2023. On Tuesday, Pfizer confirmed this new outlook. Pfizer shares fell further on Tuesday when the US stock markets opened: this year, the share has already fallen by 40%.
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