10/31/2023

Pfizer Looks Beyond COVID

Paxlovid charge sparks swing to quarterly loss

On Tuesday, Pfizer urged investors to focus on growth in its non-COVID products such as its new RSV vaccine Abrysvo, after weak demand for its COVID-19 vaccine and treatment pushed the drugmaker to its first quarterly loss since 2019.

As announced earlier this month, the company recorded a $5.6 billion one-time charge to account for the U.S. government returning millions of doses of its antiviral treatment Paxlovid, as well as inventory of its vaccine Comirnaty.

A drop in the use of vaccines and products as the pandemic receded has fueled a 40 percent drop in Pfizer's shares this year and could remain a drag going forward, analysts have said. The stock fell about 2 percent in early trading.

Please select this link to read the complete article from Reuters.