Pfizer is also preparing for declining revenues in coming years as some of its top-selling drugs are soon set to face competition from cheaper generic treatments. | Photo: Bloomberg
Pfizer Inc reported a bigger-than-expected 54% decline in second-quarter revenue on Tuesday, as the U.S. drugmaker faced declining demand for its COVID-19 products.
The company has said it expects 2023 to be a low point for COVID product sales following strong demand at the peak of the pandemic before a potential return to growth in 2024.
Pfizer is also preparing for declining revenues in coming years as some of its top-selling drugs are soon set to face competition from cheaper generic treatments.
The company has responded through billion-dollar acquisitions, headlined by the $43 billion deal for cancer-therapy specialist Seagen, as well stepped up spending on research and development.
Pfizer also trimmed the upper end of its annual revenue forecast, and now expects sales between $67 billion and $70 billion, compared with $67 billion to $71 billion forecast earlier.
Quarterly sales of vaccine Comirnaty declined 83% to $1.49 billion while antiviral treatment Paxlovid sales tumbled 98% to $143 million.
Analysts had expected sales of $1.40 billion for the vaccine and $1.08 billion for Paxlovid.
Total revenue for the second quarter at $12.73 billion missed analysts' estimates of $13.27 billion, according to Refinitiv data.
Excluding items, Pfizer reported a profit of 67 cents per share, compared with analysts' estimates of 57 cents.
The company's shares were marginally lower in premarket trading.
First Published: Aug 01 2023 | 5:40 PM IST