US pharmaceutical company Pfizer’s first-quarter net profit fell 98 percent to USD 41 million. The company also raised its profit and revenue estimates for the full year in today’s press release, mainly thanks to its cancer and heart disease drugs as well as the antiviral Paxlovide. Pfizer was a major supplier of vaccines against the disease during the covid-19 pandemic.
Overall, the pharmaceutical market is weaker
As the pandemic has become less severe, the market for pharmaceutical products used to manage the disease has declined significantly. This has cut billions of dollars in vaccine and drug sales for companies like Pfizer. Revenues from sales of Pfizer’s covid-19 vaccine fell 87 percent year-over-year to $195 million in the second quarter. But revenue from sales of Paxlovide, an antiviral used to treat covid-19, rose 76 percent to $251 million.
Pfizer is trying to convince investors that its new drugs will offset the dramatic drop in sales from covid-19 products. It is betting heavily on cancer drugs. Last year, it bought cancer drugmaker Seagan for $43 billion.
Financial results
That company’s second-quarter product sales totaled $845 million. This May, Pfizer announced a cost-cutting program to save $1.5 billion by the end of 2027.
Pfizer now expects earnings per share in the range of $2.45 to $2.65 for the full year. Previously, the company had projected earnings of $2.15 to $2.35 per share. The firm raised its revenue outlook to $59.5 billion to $62.5 billion from the previous $58.5 billion to $61.5 billion.
Source: Czech Press Office
