{"id":79194,"date":"2023-11-01T02:20:26","date_gmt":"2023-11-01T06:20:26","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/pfizer-looks-beyond-covid-after-quarterly-loss-on-paxlovid-charge\/"},"modified":"2023-11-01T02:20:30","modified_gmt":"2023-11-01T06:20:30","slug":"pfizer-looks-beyond-covid-after-quarterly-loss-on-paxlovid-charge","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=79194","title":{"rendered":"Pfizer looks beyond COVID after quarterly loss on Paxlovid charge"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Paxlovid, Pfizer’s anti-viral medication to treat the coronavirus disease (COVID-19), is displayed in this picture illustration taken October 7, 2022. REUTERS\/Wolfgang Rattay\/Illustration\/File Photo<\/span>
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By Bhanvi Satija and Michael Erman<\/p>\n

(Reuters) – Pfizer <\/span><\/span> (NYSE:) on Tuesday urged investors to focus on growth in non-COVID products such as the new RSV vaccine Abrysvo as slumping demand for COVID-19 vaccines and treatments pushed the drugmaker to its first quarterly loss since 2019.<\/p>\n

The company last month said it would take a $5.6 billion one-time charge to account for U.S. government returns of millions of doses of its antiviral treatment Paxlovid, as well as inventory of COVID vaccine Comirnaty.<\/p>\n

The decline in use of COVID vaccines and products as the pandemic receded has fueled a 40% drop in Pfizer’s shares this year and could remain a drag going forward, analysts have said. Shares were off about 1% in midday trading.<\/p>\n

Pfizer is still going to be under pressure to meet its sales guidance for 2023, said BMO Capital analyst Evan Seigerman. <\/p>\n

Sales of Paxlovid and the vaccine Pfizer makes with German partner BioNTech (NASDAQ:) had boosted revenue to record levels the last two years. However, annual vaccination rates have dropped sharply and demand for treatments has dipped as population-wide immunity levels increased. <\/p>\n

“We have rebased our COVID expectations,” CEO Albert Bourla said on a call to discuss quarterly results, adding that he believes revenue from those products will be stable going forward. <\/p>\n

Pfizer continues to expect 2023 revenue growth of 6%-8% from non-COVID products, with a majority occurring in the second half.<\/p>\n

Bourla pointed to 10% growth this quarter for non-COVID products both new and old, “and that positions us to be able to have a growing portfolio.” <\/p>\n

Sales of recently launched respiratory syncytial virus (RSV) vaccine Abrysvo were $375 million for the quarter.<\/p>\n

“We’re very early in the innings of this launch. We’re doing better than we thought,” said Pfizer’s chief commercial officer Angela Hwang. <\/p>\n

Even so, Pfizer’s RSV shot is lagging behind a rival vaccine from GSK, which is the only one being carried by CVS the largest U.S. pharmacy chain. <\/p>\n

Pfizer in an update said its experimental messenger-RNA influenza vaccine worked about as well as a licensed flu vaccine in a late-stage study of volunteers ages 18 to 64.<\/p>\n

It said the vaccine hit secondary goals for influenza A strains, but not B strains of the virus. <\/p>\n

The company also said it expects mid-stage data from experimental obesity pill danuglipron before the end of the year as it looks to compete in the industry’s fastest growing market. <\/p>\n

Pfizer is also hoping for growth from its $43 billion deal for cancer-therapy specialist Seagen, which has been cleared in Europe and is being reviewed by U.S. regulators.<\/p>\n

Paxlovid sales slumped 97% in the third quarter to $202 million, while vaccine revenue of $1.31 billion was down from $4.4 billion a year earlier. <\/p>\n

Analysts had expected $1.44 billion for the vaccine and $618.20 million from Paxlovid, according to LSEG data. <\/p>\n

Pfizer, which announced a $3.5 billion cost-cutting program earlier this month, slashed $9 billion off its 2023 sales forecast after agreeing to take back nearly 8 million Paxlovid treatment courses from the U.S. government.<\/p>\n

Pfizer expects Paxlovid to remain available for free to Americans through the end of the year. <\/p>\n

The company posted a net loss of 42 cents per share for the third quarter. Excluding one-time items, Pfizer reported a loss of 17 cents per share compared with analysts’ expectations for a loss of 34 cents, and a profit of $1.78 per share a year ago. <\/p>\n

Overall revenue was $13.23 billion, down from to $22.64 billion a year ago. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Paxlovid, Pfizer’s anti-viral medication to treat the coronavirus disease (COVID-19), is displayed in this picture illustration taken October 7, 2022. REUTERS\/Wolfgang Rattay\/Illustration\/File Photo By Bhanvi Satija and Michael Erman (Reuters) – Pfizer (NYSE:) on Tuesday urged investors to focus on growth in non-COVID products such as the new RSV vaccine Abrysvo […]<\/p>\n","protected":false},"author":1,"featured_media":79195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-79194","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nPfizer looks beyond COVID after quarterly loss on Paxlovid charge | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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