Pfizer on Tuesday reported a narrower-than-expected adjusted loss for the third quarter as the drugmaker recorded charges largely related to struggles for its Covid antiviral treatment Paxlovid and the Covid vaccine.
Pfizer said it recorded a $5.6 billion charge for inventory write-offs in the third quarter due to lower-than-expected use of Covid products. Of these previously announced write-offs, $4.7 billion is chalked up to Paxlovid and $900 million is attributed to the company’s vaccine.
The pharmaceutical giant also reiterated the full-year adjusted earnings and revenue guidance it announced two weeks ago, which is drastically lower than its initial projections due to weakening demand for its Covid products. That decline in demand also led Pfizer to announce a sweeping $3.5 billion cost-cutting plan at the same time.
Those efforts were seen as necessary to shore up investor sentiment as Pfizer and its rivals such as Moderna struggle to navigate the rapid decline of their Covid…
2023-10-31 11:48:48
Source from www.cnbc.com