Pfizer swings to quarterly loss due to Paxlovid, Covid vaccine write-offs
Publishing timestamp: 2023-10-31 16:55:08
Summary
Pfizer reported a quarterly loss for the third quarter due to struggles with its Covid antiviral treatment and vaccine. The company also announced a $3.5 billion cost-cutting plan and reiterated its adjusted earnings and revenue guidance. Pfizer's stock closed flat, and its revenue for the quarter was down 42% compared to the same period last year. The company expects its Covid vaccine to bring in $11.5 billion in sales this year. Additionally, Pfizer reported growth in revenue from its other products, including its new vaccine for respiratory syncytial virus. The company is focused on shifting investor attention away from Covid and towards its growth opportunities, including mergers and acquisitions and its pipeline of new products.
Sentiment: NEUTRAL
Tickers: NOVO.B-DK, BMY, MRNA, LLY, SGEN, PFE,
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Source: https://www.cnbc.com/2023/10/31/pfizer-pfe-q3-earnings-report-2023.html