Pfizer’s revenue drops over 50 per cent as Covid-19 vaccine sales wither
US drugmaker Pfizer today reported that revenue more than halved during the second quarter of the year as global demand for its Covid-19 vaccines plummeted.
It reported disappointing revenues of $12.7bn (£9.9bn) in the three months April to June – down 54 per cent, or $15bn, from the second quarter last year.
Pfizer blamed the results, which didn’t quite meet analyst expectations of $13.3bn, on waning demand for its Covid-19 vaccines.
Revenues for Comirnaty and Paxlovid respectively fell 98 per cent and 82 per cent, compared with the second quarter in 2022.
David Denton, chief financial officer and executive vice president, said the company believes it is “well positioned for accelerated growth of our non-COVID products in the second half of 2023.”
He added: “The COVID environment continues to evolve rapidly and remains highly unpredictable. In spite of this uncertainty, the company is maintaining its focus on ensuring successful fall vaccinations during the respiratory infection season.”
It’s a tough pill to swallow for the once dominant coronavirus vaccine maker, who also said today it will wait one more quarter before launching a cost-cutting program if its Covid-19 treatments keep underperforming.
The poor sales performance comes as it plans to strike a $43bn (£34bn) deal to buy global biotech company Seagen, which develops cancer medicines, and is currently in discussions with international regulators. The acquisition is expected to close in late 2023 to early 2024.