{"id":6084,"date":"2024-05-01T12:48:43","date_gmt":"2024-05-01T12:48:43","guid":{"rendered":"https:\/\/internationalpulse.net\/?p=6084"},"modified":"2024-05-01T12:48:43","modified_gmt":"2024-05-01T12:48:43","slug":"pfizer-profits-drop-on-lower-covid-19-product-sales","status":"publish","type":"post","link":"https:\/\/internationalpulse.net\/?p=6084","title":{"rendered":"Pfizer profits drop on lower Covid-19 product sales"},"content":{"rendered":"

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Pfizer is steering investment to oncology and other drug areas to offset diminished sales in Covid-19 products – Copyright GETTY IMAGES NORTH AMERICA\/AFP\/File SPENCER PLATT<\/small><\/em><\/p>\n

Pfizer reported a drop in profits on lower sales of Covid-19 related profits Wednesday as it steers investments to other pharmaceutical areas and implements previously announced cost cuts.<\/p>\n

Much lower sales of Covid-19 vaccine Comirnaty and therapeutic Paxlovid accounted for a 20 percent drop in first-quarter revenues to $14.9 billion compared with the year-ago period.<\/p>\n

Profits were $3.1 billion, down 44 percent.<\/p>\n

The drugmaker pointed to increased sales of oncology products, in part driven by the acquisition of Seagen, which was completed in December.<\/p>\n

Other products with significant growth included Vyndaquel, which is used to treat nerve disease; Eliquis, which treats blood clots; and Prevnar, a vaccine for pneumonia.<\/p>\n

\u201cI am very pleased by the strong 11 percent operational revenues growth of our non-Covid products in the first quarter,\u201d said Chief Financial Officer David Denton.<\/p>\n

\u201cWe continue to progress our cost realignment program and remain on track to deliver on our targeted goal by the end of the year.\u201d<\/p>\n

Pfizer said it will deliver \u201cat least\u201d $4 billion in savings by the end of 2024.<\/p>\n

The company, which raised its earnings per share projection, has maintained a shareholder dividend. However, it plans no share repurchases in 2024 in favor of pumping funds back into research and development to support the drug pipeline.<\/p>\n

Shares of Pfizer rose 1.3 percent in pre-market trading.<\/p>\n<\/p><\/div>\n

Pfizer profits drop on lower Covid-19 product sales
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#Pfizer #profits #drop #Covid19 #product #sales<\/p>\n","protected":false},"excerpt":{"rendered":"

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