Pfizer leaves behind the pandemic and record sales. The US pharmaceutical closed the second quarter of the year with a net attributable profit of 2,327 million dollars 77% less than in the same period of 2022. The company’s turnover in the period has also decreased, which has stood at 12,534 million euros between April and June, 54% less than a year ago, a drop that the company has directly linked to the decline in sales of products for Covid-19, both the vaccine and the antiviral.
For the end of the financial year, The company has reduced its billing forecast to place it between 67,000 million euros and 70,000 million dollars, compared to the slightly more optimistic previous range: between 67,000 million dollars and 71,000 million dollars.
Throughout the first semester, the pharmaceutical company closed the first half of the year with an attributable net profit of 7,870 million dollars, which represents a year-on-year drop of 56%. For its part, billing fell by 42%, to 31,015 million dollars.
The company is coping with the drop in demand for products for Covid-19, both the vaccine and the antiviral Paxlovid, which it markets for the virus. In the period, the company’s Covid vaccine had sales of $1.49 billion, 83% less than in the same period of the previous quarter. For its part, Paxlovid billed 143 million dollars, 98% less than a year ago.
Pfizer’s newly acquired migraine and anemia drugs have boosted company revenue from April to June
The suite of products brought in $1.6 billion in revenue for the company in the second quarter, while a year ago the same drugs added $17 billion to revenue. Pfizer CFO David Denton has linked falling revenue from Paxlovid and Comirnaty directly with the decline in sales during the conference held with analysts after the presentation of results.
The company expects sales of these products to continue to fall during the year and has reaffirmed its billing forecast for the Covid-19 vaccine of 13.5 billion dollars in 2023 and 8 billion dollars for the antiviral in the same period. Also, starting this fall, Pfizer will no longer have current contracts with governments to market these products and it will have them directly with health providers, which the company has indicated will throw up “a higher level of uncertainty.”
Given the drop in sales of Covid products, it has been the drugs from companies recently bought by Pfizer that have fattened the income statement. These drugs include Biohaven Pharmaceuticals’ Nurtec ODT migraine headache medication and Global Blood Therapeutics’ sickle cell treatment Oxbryta, which raised $247 million and $77 million, respectively.
Revenues were also boosted by sales of the drug Vyndaqel, used to treat a certain type of cardiomyopathy, a disease of the heart muscle, for which the company has raised $782 million, 42% more than in the same period last year. .
The CEO of the company, Albert Bourla, has indicated that the company is on track to reach its goal of 19 new product or drug indications within 18 months. In the first six months of the year, the company has obtained six product approvals and completed four launches. Through December, the company expects six more approvals and six launches.
The American pharmaceutical closed 2022 with a profit of 31,372 million dollars, compared to the 21,979 million dollars reached in 2021. The developer, one of the vaccines against Covid-19 together with BioNTech, Comirnaty, registered a turnover of 100,330 million dollars in 2022, which translates into a year-on-year increase of 23%.
2023-08-01 16:10:31
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