US.- Pfizer earns 29% less through March after COVID-19 vaccine sales decline

File – A healthcare worker injects the first dose of Pfizer’s coronavirus vaccine into an elderly woman at the Rejas Health Center, April 6, 2021, in Madrid, Spain. – Eduardo Parra – Europa Press

U.S. laboratory Pfizer posted an attributable net profit of $5.543 billion (€5.042 billion) in the first quarter of 2023, down 29.5% compared to the same period in 2021, the company reported.

The multinational saw revenues fall 28.7% between January and March to $18.282 billion (€16.629 billion), including a 77% drop in revenues from sales of ‘Comirnaty’, the vaccine against COVID-19, to $3.064 billion (€2.787 billion), while Paxlovid, the oral treatment against the disease, reported revenues of $4.069 billion (€3.701 billion), up 177%.

For the year as a whole, the multinational expects to achieve net revenues of between 67 and 71 billion dollars (60,943 and 64,581 million euros), which would represent a fall of between 33% and 29% compared to the revenues recorded in 2022.

Specifically, Pfizer expects revenues from the sale of ‘Comirnaty’ to fall 64% this year, to around $13.5 billion (€12.28 billion), while those from ‘Paxlovid’ will be around $8 billion (€7.277 billion), down 58%.

»Our first-quarter results were in line with our expectations, underscoring our continued confidence in achieving operating income growth of 7% to 9% by fiscal 2023, excluding our Covid-19 products and anticipated currency impacts,» said David Denton, Pfizer’s CFO.

»We expect most of this growth to occur in the second half of 2023, given the timing of our expected near-term launches,» he added.