{"id":2086714,"date":"2023-11-01T12:34:02","date_gmt":"2023-11-01T16:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-reports-billions-in-losses-as-covid-vaccine-demand-wanes\/"},"modified":"2023-11-01T12:38:50","modified_gmt":"2023-11-01T16:38:50","slug":"pfizer-reports-billions-in-losses-as-covid-vaccine-demand-wanes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-reports-billions-in-losses-as-covid-vaccine-demand-wanes\/","title":{"rendered":"Pfizer suffers huge losses as COVID vaccine demand declines."},"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\">18<\/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-reports-billions-in-losses-as-covid-vaccine-demand-wanes%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=2086714&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--><blockquote>\n<h2>Pfizer Reports Revenue Slump as COVID-19 Sales Decline<\/h2>\n<p>Pfizer, the pharmaceutical giant, has experienced a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-mulvaney-effect-anheuser-busch-laying-off-hundreds-of-employees\/\" title=\"Anheuser-Busch lays off hundreds due to the Mulvaney Effect.\">significant\u2063 drop<\/a> in revenue and billions of dollars in losses due to a decline in sales of its COVID-19 vaccine and antiviral treatment. This decline comes\u200b as many \u2063Americans appear to\u2063 have moved on from\u200d the \u200cpandemic.<\/p>\n<p>In the third quarter, Pfizer&#8217;s\u2063 total revenues reached $13.2 billion, a staggering decrease of $9.4\u200d billion compared to the same period\u200c last year. The company attributes \u2062this decline primarily to the slump in sales of its COVID-19 products.<\/p>\n<p>The demand for Pfizer&#8217;s COVID-19 vaccine dropped by\u2064 70 percent, resulting in a $3.1\u200b billion decline in sales. Sales\u2062 of\u2063 Paxlovid, the company&#8217;s COVID-19 antiviral\u2063 pill, plummeted by a staggering 97 percent, amounting to a $7.3 billion drop in \u200brevenue.<\/p>\n<h3>Related Stories<\/h3>\n<ul>\n<li>\n      <a href=\"http:\/\/www.theepochtimes.com\/article\/pfizer-to-charge-nearly-1400-for-covid-19-drug-paxlovid-5513382?<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jacob-siegel-on-disinformation-the-hoax-of-the-century-part-1\/\" title=\"Jacob Siegel discusses disinformation and refers to it as the 'Hoax of the Century' in Part 1.\">ea_src=author_manual&#038;ea_med=related_stories<\/a>&#8220;><br \/>\n        <strong>Pfizer to Charge Nearly \u2064$1,400 for COVID-19 \u200cDrug \u2064Paxlovid<\/strong><br \/>\n      <\/a><br \/>\n      <br \/>\n      <span class=\"text-comp-caption\">10\/19\/2023<\/span>\n    <\/li>\n<li>\n      <a href=\"http:\/\/www.theepochtimes.com\/article\/pfizer-profits-drop-amid-declining-covid-19-product-sales-5436543?ea_src=author_manual&#038;ea_med=related_stories\"><br \/>\n        <strong>Pfizer Profits Drop\u2062 Amid Declining COVID-19 Product Sales<\/strong><br \/>\n      <\/a><br \/>\n      <br \/>\n      <span class=\"text-comp-caption\">8\/1\/2023<\/span>\n    <\/li>\n<\/ul>\n<p>Consequently, Pfizer reported a net loss of $2.4\u2064 billion in the third quarter, \u200dcompared \u200dto an $8.6 billion profit during the same period last year. Adjusted income also took a hit, going from a $10.2 billion \u200bprofit to a negative $968 million.<\/p>\n<p>In addition, Pfizer had to write \u200coff $5.6 billion in non-cash inventory \u2063due to the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-does-this-video-show-a-romanian-anti-covid-19-vaccine-protest\/\" title=\"FACT CHECK: Does This Video Show A Romanian Anti-COVID-19 Vaccine Protest?\">declining demand<\/a> for \u200cits COVID-19 products.<\/p>\n<p>Despite the challenges, Pfizer \u2064remains optimistic about \u200bits non-COVID products, which saw a 10 percent increase in sales during the third quarter. The company is focusing on new launches, such as Abrysvo and Prevnar 20, to counteract\u2063 the \u2062loss in\u200c the\u2064 vaccine market.<\/p>\n<p>Pfizer&#8217;s CEO, Albert Bourla, stated that \u2064they \u200dhave adjusted their expectations regarding COVID-19 and are confident \u2063in meeting their \u2062full-year\u2062 non-COVID \u200drevenue growth target \u200bof 6% to 8%.<\/p>\n<h2>More \u200dDetails<\/h2>\n<p>A few weeks \u2063ago,\u200d Pfizer warned about weaker sales of its COVID-19\u2064 products, leading to\u200b a \u200d$9 billion reduction in \u200bits annual revenue expectations. The \u200bcompany now expects full-year 2023 sales of $58\u201361 billion, down from the previous forecast of $67\u201370 billion.<\/p>\n<p>However, Pfizer remains encouraged by the expected revenue contributions from new non-COVID products and\u2064 is implementing a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gig-economy-slump-doordash-lays-off-1250-employees\/\" title=\"Gig Economy Slump: Doordash Lays off 1,250 Employees\">cost-cutting initiative<\/a> to further improve\u200d its financial position.<\/p>\n<p>Despite the initial \u200dnegative market\u200d reaction, Pfizer&#8217;s stock rebounded \u200cand remained relatively stable. Nevertheless, the stock is \u200cdown \u200bapproximately 40 percent for the year.<\/p>\n<p>As the world transitions to\u2063 a post-COVID\u2062 era, Pfizer and other companies will need\u200b to adapt to changing demands and explore new opportunities \u2064beyond the pandemic.<\/p>\n<\/blockquote>\n<p> <\/p>\n<h2> \u200dHow has \u200bPfizer&#8217;s revenue been affected \u2064by declining\u200b COVID-19 product sales?<\/h2>\n<p><span>  Ts-sales-6504379?ea_src=author_manual&#038;ea_med=related_stories&#8221;><\/p>\n<p>        <strong>Pfizer Profits Drop Amid Declining\u200b COVID-19 Product\u2063 Sales<\/strong><\/p>\n<p>      <\/a><\/p>\n<p>\n      <span class=\"text-comp-caption\">10\/19\/2023<\/span><\/p>\n<\/li>\n<li>\n<p>      <a href=\"http:\/\/www.theepochtimes.com\/article\/pfizer-ceo-covid-19-vaccines-will-need-annual-booster-shots-6506855?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<p>        <strong>Pfizer CEO: COVID-19 Vaccines Will Need Annual Booster Shots<\/strong><\/p>\n<p>      <\/a><\/p>\n<p>\n      <span class=\"text-comp-caption\">10\/20\/2023<\/span><\/p>\n<\/li>\n<\/ul>\n<p>Despite the\u2063 decline\u2063 in COVID-19 product sales, Pfizer \u200bremains \u200coptimistic about its future prospects. The company believes that \u200cthere is still potential for growth in other areas of its\u200d business, such as its oncology and rare\u200c disease portfolios.<\/p>\n<p>Pfizer&#8217;s oncology portfolio saw an \u200cincrease in revenue by\u200c 9 percent compared to last year, reaching $3.7 billion in the third quarter. The \u2062company&#8217;s rare disease\u2064 portfolio also experienced growth, with revenue reaching $2 billion, a 16 percent increase from the same period\u200c last\u200d year.<\/p>\n<p>Furthermore,\u200d Pfizer\u2063 is actively working on expanding its product offerings and pipeline\u2062 with the intent to diversify its revenue streams. The \u200dcompany recently acquired Trillium \u2064Therapeutics to strengthen its position \u2063in the field of\u200b immuno-oncology, and it\u200d has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-reports-billions-in-losses-as-covid-vaccine-demand-wanes\/\" title=\"Pfizer suffers huge losses as COVID vaccine demand declines.\">multiple promising \u2064drug candidates<\/a> in various stages of development.<\/p>\n<p>Additionally, \u200bPfizer \u2064CEO, Albert Bourla,\u2064 has stated that COVID-19 \u2064vaccines will \u200dlikely require annual booster shots to maintain protection against the virus. This suggests that there may still be ongoing demand for Pfizer&#8217;s COVID-19 vaccine in the future.<\/p>\n<p>Overall, while Pfizer has experienced a\u2064 significant slump \u200bin revenue\u200b due to declining COVID-19 product sales, the company remains\u200b hopeful and focused on\u2063 diversifying its business to drive \u200cfuture growth. With its strong presence in oncology and rare diseases, as well as \u200dongoing efforts to expand its product portfolio, Pfizer is well-positioned\u200c to overcome this setback and continue its trajectory of \u200bsuccess.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Pfizer&#8217;s Q3 revenues plunged by 42% to $13.2 billion due to a significant decline in sales of its COVID-19 vaccine and antiviral treatment. Americans&#8217; reduced concern about the pandemic appears to be the primary reason for the sharp slowdown, resulting in billions of dollars in losses for the company.<\/p>\n","protected":false},"author":118,"featured_media":2086715,"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":[543],"tags":[],"class_list":["post-2086714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"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\/2086714","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\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2086714"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2086714\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2086715"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2086714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2086714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2086714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}