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Pfizer’s Paxlovid drug is used to treat COVID-19 – Photo: AFP
In the third quarter, sales of Paxlovid reached $3 billion, an increase of $2.7 billion compared to the same period last year, thanks to “higher demand during the recent global COVID-2.5 outbreak,” the AFP news agency quoted the as saying Company press release.
As a result, the American pharmaceutical company recorded a profit of $4.5 billion, compared to a loss of $2.4 billion in the same period last year. Sales rose 31% and reached $17.7 billion.
In recent quarters, declining sales of the COVID-19 vaccine and treatment drug Paxlovid led to a decline in Pfizer’s profits. That prompted Pfizer last year to launch a cost-cutting program and focus on deals to strengthen its business.
The Comirnaty COVID-19 vaccine, made by Pfizer with German partner BioNTech, posted sales of $1.42 billion, compared to expectations of $870 million.
Third-quarter results encouraged Pfizer to raise its annual sales forecast for Comirnaty and Paxlovid to $10.5 billion from a previous forecast of $3 billion.
Analysts expect Pfizer’s total sales of COVID-9-related products to reach about $19 billion this year.
In addition to the drug Paxlovid, Pfizer said its business results were also supported by growth in cancer-related products. Other best-selling products include the anticoagulant Eliquis and Xtandi, a prostate cancer treatment for men.
Low-selling products include Xeljanz, an inflammatory drug, and Ibrance, a breast cancer drug.
Pfizer CEO Albert Bourla announced that the company has several drugs in development or approval, affirming that “we are well positioned to continue to advance scientific breakthroughs that matter to patients and companies. “
