{"id":1988036,"date":"2023-08-01T17:20:01","date_gmt":"2023-08-01T21:20:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-profits-plummet-as-covid-vaccine-and-treatment-sales-evaporate\/"},"modified":"2023-08-01T17:22:33","modified_gmt":"2023-08-01T21:22:33","slug":"pfizer-profits-plummet-as-covid-vaccine-and-treatment-sales-evaporate","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-profits-plummet-as-covid-vaccine-and-treatment-sales-evaporate\/","title":{"rendered":"Pfizer&#8217;s profits plummet due to declining sales of COVID vaccine and treatment."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fpfizer-profits-plummet-as-covid-vaccine-and-treatment-sales-evaporate%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1988036&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Pfizer Profits Plummet as COVID \u2064Vaccine \u200dand Treatment Sales Evaporate<\/h2>\n<p>Crumbling COVID \u2063vaccine and treatment sales chopped Pfizer\u2019s second<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-set-to-rake-in-15-billion-from-covid-19-vaccine-sales\/\" title=\"Pfizer Set To Rake In  Billion From COVID-19 Vaccine Sales\">-quarter earnings<\/a>, but both the \u200ddrugmaker and Wall Street expect a rebound in the back half of 2023.<\/p>\n<blockquote>\n<p>Pfizer recorded no U.S. sales\u2062 of its treatment, Paxlovid, in the recently completed quarter, as the company shifted to selling the pills on the commercial \u200dmarket after contracting with the government.<\/p>\n<\/blockquote>\n<p>Paxlovid brought\u2063 in only \u2062$143 \u2063million in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cherokee-nation-asks-jeep-to-drop-name-of-top-selling-vehicle-saying-it-does-not-honor-us\/\" title=\"Cherokee Nation Asks Jeep To Drop Name Of Top-Selling Vehicle, Saying It \u2018Does Not Honor Us\u2019\">total sales<\/a>\u2063 during the quarter after recording $8 billion in last year\u2019s quarter.<\/p>\n<blockquote>\n<p>Sales of the vaccine Comirnaty also slid 83 percent to $1.49 billion in the quarter,\u2063 as both products fell short of Wall Street expectations.<\/p>\n<\/blockquote>\n<p>Both Pfizer\u2019s leaders and analysts who\u2063 follow the company had expected a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ccp-attacks-chinese-basketball-player-over-adidas-endorsement-deal\/\" title=\"CCP Attacks Chinese Basketball Player Over Adidas Endorsement Deal\">sales drop<\/a> in the quarter as inventories already on the market were used up. But they also\u200d expect a rebound later this year, as commercial sales take \u2064hold, COVID cases climb and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-profits-plummet-as-covid-vaccine-and-treatment-sales-evaporate\/\" title=\"Pfizer's profits plummet due to declining sales of COVID vaccine and treatment.\">fall vaccination pushes begin<\/a>.<\/p>\n<p>Comirnaty, alone, has already generated well over $70 \u2063billion in sales for \u2063Pfizer since it launched at\u2063 the end\u2062 of 2020. The \u200cdrugmaker has used the cash \u2064on several acquisitions\u2062 to bolster its pipeline of future products.<\/p>\n<p>Pfizer CEO Albert Bourla told analysts on Tuesday that the company expects to have\u200c a better handle by the\u200d end \u2062of this year on how Paxlovid sales will play out in the future, as the market becomes more predictable.<\/p>\n<p>Chief Financial Officer David Denton noted\u200d that the company was prepared to cut costs if sales of both products turn out lower than expected.<\/p>\n<p>Overall, Pfizer\u2019s \u200bprofit sank 77 percent to $2.33 \u2062billion in the quarter while adjusted earnings totaled 67 cents per share. That topped average analyst expectations for 57 cents per share.<\/p>\n<p>Revenue dropped 54 percent to $12.73 billion, which missed forecasts.<\/p>\n<p>Outside Comirnaty and\u200b Paxlovid, Pfizer said its operational revenue grew 5 percent in\u2063 the quarter. The drugmaker also produces several primary care drugs, cancer treatments, and vaccines.<\/p>\n<p>Pfizer said Tuesday that it was maintaining its forecast for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/walmart-cuts-profit-forecast-blames-food-and-fuel-inflation\/\" title=\"Walmart cuts profit forecast, blames food and fuel inflation\">full-year earnings<\/a>\u2064 to range between $3.25 and $3.45\u200b per share.<\/p>\n<p>Analysts \u200cforecast earnings of $3.32 per share.<\/p>\n<p>Shares of \u2062New\u200c York-based Pfizer Inc. slipped 26 cents to $35.80\u2064 in midday trading while broader indexes also were \u200ddown slightly.<\/p>\n<p style=\"font-style: italic\">The Western\u200b Journal has reviewed this Associated Press story and \u200bmay have altered it \u2063prior to publication\u200b to ensure that it meets our editorial standards.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/ap-pfizer-profits-plummet-covid-vaccine-treatment-sales-evaporate\/\">Pfizer Profits Plummet as COVID Vaccine\u2062 and Treatment Sales Evaporate<\/a> appeared\u2062 first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crumbling COVID vaccine and treatment sales hit Pfizer&#8217;s Q2 earnings, but a recovery is anticipated by both the company and Wall Street in H2 2023. No U.S. sales of Paxlovid were recorded in the quarter as Pfizer transitioned to commercial market sales after partnering with.<\/p>\n","protected":false},"author":136,"featured_media":1988037,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1988036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1988036"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1988037"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1988036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1988036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1988036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}