Pfizer is facing the threat of epidemic with decline in sales and profits. economy

The vaccine and pill against Covid became Pfizer’s hen that laid golden eggs during 2021 and 2022. The company crossed the $100 billion revenue mark and broke its profit record in 2022. However, heading into the pandemic, the company suffered collapsing sales and the results have been brutal. During fiscal year 2023, the pharmaceutical giant’s revenue is expected to fall 42% to $58,496 million (about €53,900 million at the current exchange rate), while net profit will fall 93% to $2,119 million.

The Albert Bourla-led company has reported a loss of Rs 3,369 million in the fourth quarter, partly due to returns on its anti-Covid pill. Pfizer said 6.5 million doses of Paxlovid were returned last year, resulting in negative sales of the drug of $3.1 billion in the fourth quarter. The pharmaceutical company previously said it would receive 7.9 million returned doses, so that figure beat expectations somewhat. Additionally, Pfizer wrote off $5.6 billion of COVID-related inventory in the third quarter. These two items reduce sales and profits.

Vaccine and pill against Covid mark the group’s accounts and divide it into two parts. Vaccine sales dropped from $37,806 to $11,220 million from one year to the next, and Paxlovid sales dropped 93% from $18,933 to $1,279 million. Also, it doesn’t help that revenue from these two COVID-related products is up 7% in operational terms.

“We are encouraged by the strong results from our non-COVID products in Q4 2023, significantly contributed by new launches and solid year-over-year growth from several key brands,” Bourla said in a statement. Managers highlight that Pfizer has received a record number of nine new compound approvals from the United States Food and Drug Administration (FDA), which they expect to have a favorable impact on Pfizer’s performance in the coming years.

Pfizer has used a part of the additional income and profits from anti-Covid products for acquisitions, which can enable future growth. In December, the group closed the acquisition of Seagen, which it considers a fundamental step in its goal of achieving global leadership in oncology. Bourla said, “With the combined strength of Pfizer and SeaGen’s talent, portfolio and platforms, we believe we have the ability to transform outcomes by delivering cancer medicines that help patients live better and longer.” “Helps.” The company plans to detail the results, objectives and strategy of the group’s new oncology division at an event on February 29.

Pfizer expects revenue in 2024 to be between $58.5 billion and $61.5 billion, a figure that includes about $5 billion of expected revenue from the Covid vaccine (Comirneti) and $3 billion from the pill (Paxlovid). This includes approximately $3.1 billion in expected revenues from SeaGen and approximately $1 billion related to the reclassification of royalty income from Pfizer.

Additionally, the company assures that it is on track to achieve annual net savings of at least $4 billion in costs by the end of 2024, as promised.

“We are entering 2024 with a solid foundation. “We believe that our commitment to execution, maximizing the performance of our new products and delivering the next wave of innovation across the product portfolio will fuel Pfizer’s growth and transform the lives of patients around the world,” Bourla said in his Ended the comment.

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