Pfizer beats earnings estimates as declining Covid business loses less revenue than expected
Publishing timestamp: 2024-01-30 11:53:52
Summary
Pfizer posted a surprise adjusted fourth-quarter profit as its declining Covid business lost less revenue than expected. The company reversed roughly $3.5 billion in revenue related to the expected return of doses of its Covid drug, Paxlovid, from the U.S. government. Despite a rocky year, Pfizer's Covid vaccine still brought in $5.36 billion in revenue for the quarter. The company aims to improve its bottom line through a cost-cutting plan and reiterated its full-year 2024 guidance. Pfizer's stock is down more than 4% for the year.
Sentiment: POSITIVE
Keywords: business, earnings, business news, earnings reports, health care industry, pharmaceuticals, pfizer inc, spin-offs, biotechnology, biotech and pharmaceuticals, seagen inc,
Source: https://www.cnbc.com/2024/01/30/pfizer-pfe-q4-earnings-report-2023.html