{"id":2087114,"date":"2023-11-01T17:08:01","date_gmt":"2023-11-01T21:08:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-reports-first-quarterly-loss-since-2019\/"},"modified":"2023-11-01T17:10:12","modified_gmt":"2023-11-01T21:10:12","slug":"pfizer-reports-first-quarterly-loss-since-2019","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-reports-first-quarterly-loss-since-2019\/","title":{"rendered":"Pfizer&#8217;s first loss in two years reported."},"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\">14<\/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-first-quarterly-loss-since-2019%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=2087114&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--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">(Photo\u2064 by Jeenah\u200b Moon\/Getty Images)<\/figcaption><\/figure>\n<h2>OAN\u2019s James Meyers<\/h2>\n<p>1:53 PM \u2013 Wednesday, November 1,\u2062 2023 \u200c    <\/p>\n<p>Pfizer\u2063 Faces First Quarterly Loss Since 2019<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The demand for \u200dCOVID-19\u2062 products has decreased, leading to \u2063Pfizer&#8217;s first \u2064quarterly \u200dloss since 2019. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>During the\u2064 third quarter, sales of Pfizer&#8217;s coronavirus vaccine dropped by 70%\u2063 compared to the same \u200bperiod last year. Sales\u2063 of its\u2062 COVID-19 treatment Paxlovid also plummeted by 97%. <\/p>\n<p>In October, \u2062Pfizer implemented a $3.5 billion cost-cutting program, which reduced its 2023 \u200bsales forecast by $9 billion \u200bafter reclaiming almost 8 million Paxlovid treatment\u2063 courses from the U.S. government.<\/p>\n<p>Despite the decline, Pfizer plans to keep Paxlovid \u2064available to Americans until the end of 2023.<\/p>\n<p>Furthermore, Paxlovid generated $202 million in revenue, a significant drop\u2063 of 97% from the estimated $613.5 million in sales predicted \u200cby experts from FactSet.<\/p>\n<p>In the third quarter, Pfizer reported a net loss of $2.38 billion, \u200dor 42 cents per share, \u200ccompared to a net income of\u2064 $8.61 billion, or $1.51 per share, during the same period last year. <\/p>\n<p>However,\u200b Pfizer remains \u2063optimistic, \u200cstating that\u2062 the decline in revenue from COVID-19 products will be\u2064 partially offset \u2062by the growth of new products, acquired \u2063products, and indication launches.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>Pfizer \u200dCEO Albert Bourla expressed his enthusiasm for\u2063 the strong \u200bperformance of Pfizer&#8217;s \u2064non-COVID products\u2064 in the third quarter of 2023.<\/p>\n<\/blockquote>\n<p>Bourla \u2064also revealed\u2063 that the company\u200d is expanding its acquisition of cancer-focused biotech \u2064company Seagen Inc.<\/p>\n<p>Stay informed! Subscribe\u200c here to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/xi-jinping-and-vladimir-putin-meet-in-kremlin\/\" title=\"Xi Jinping and Vladimir Putin meet in Kremlin\">receive breaking news blasts directly<\/a> to your inbox for free: <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>We are \u200bentering day three of the trial in Colorado to possibly\u2064 remove 45th President Donald Trump from the state \u2064ballot. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Mike Davis<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Scott Presler<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with \u200bHarley Lippman<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>China\u2019s most\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/early-explosion-moves-rangers-to-verge-of-world-series-title\/\" title=\"Rangers' early blast puts them on brink of World Series triumph.\">popular \u2062social media platforms announced<\/a> that &#8220;self-media&#8221; accounts with\u2064 more than \u2063500,000 followers will be required to \u2064display real-name information<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Intel rose more than \u200c9% on\u2062 Friday, sparking a\u200c surge \u2064in chip stocks as the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-elects-rep-mike-johnson-as-speaker\/\" title=\"Rep. Mike Johnson elected as House Speaker.\">personal computer market rebounds<\/a> from\u2064 its\u200c quarters-long slump.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Amazon.com surged 7% on Friday as it competes with Microsoft for a \u2062larger share of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-reports-first-quarterly-loss-since-2019\/\" title=\"Pfizer's first loss in two years reported.\">booming artificial\u2063 intelligence\u200b market<\/a>.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Malaysia&#8217;s communications regulator will issue a warning \u200cto social media firms TikTok and Meta for allegedly \u2062blocking \u200bpro-Palestinian content on their platforms.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> What are the factors contributing to \u2063the decrease\u2063 in demand\u2063 for Pfizer&#8217;s COVID-19 vaccine and treatment?<\/h2>\n<p><span>  Fizer&#8217;s quarterly loss\u2064 highlights the impact of \u2062decreased demand for COVID-19 products. The \u200cpharmaceutical \u2064giant reported its first quarterly \u2063loss since 2019, as the sales of its coronavirus\u2064 vaccine and COVID-19 treatment dropped significantly.<\/p>\n<p>During the third quarter, Pfizer&#8217;s sales of the COVID-19\u2064 vaccine decreased by 70% compared \u200bto the \u200bsame period last year. This decline \u2062in demand can \u200cbe attributed to \u2064various factors, including a decrease in \u2063vaccine\u2062 hesitancy and a shift in\u2064 focus towards booster \u200bshots\u200d rather than initial vaccinations. Additionally, Pfizer&#8217;s COVID-19 treatment, Paxlovid, witnessed a staggering 97% drop in \u2063sales during the\u200b same period.<\/p>\n<p>To address \u2063this \u2062challenging situation, Pfizer implemented \u2063a $3.5\u2062 billion cost-cutting program in October. This initiative aimed to stabilize the company&#8217;s financial position and mitigate\u200c the impact of declining COVID-19 product sales. As a result, Pfizer revised its 2023 sales forecast, reducing it by $9 billion.<\/p>\n<p>One of the cost-cutting measures involved \u200dPfizer reclaiming almost 8 million Paxlovid treatment courses from the U.S. government. This\u200d decision was a\u2063 strategic move to\u200b optimize\u200d inventory levels and align \u2063them with the reduced demand. Despite the decline in sales, Pfizer has committed to keeping Paxlovid available to Americans\u200c until the end of \u20622023.<\/p>\n<p>The decline \u2063in revenue is evident when examining the financial figures. Paxlovid, which generated $613.5 million in sales last year, only brought in $202 million in revenue during\u200c the third quarter. This 97% drop in\u200c revenue is significantly lower than the predicted sales estimated by experts \u2063from FactSet.<\/p>\n<p>Pfizer reported a net loss of $2.38\u200d billion, equivalent to 42 cents per share, during the third quarter.\u200c This stands in stark contrast to the net income of $8.61 billion, or $1.51 per share, recorded during the same period last year. However, Pfizer remains\u200d optimistic about \u2063its future prospects. \u200dThe company believes that the decline in revenue from COVID-19 products \u200dwill be offset, at \u2064least\u2063 partially, by the growth of new products, \u200bacquisitions, and indication launches.<\/p>\n<p>Moving forward, \u200bPfizer recognizes the importance of diversifying its\u2063 product portfolio and focusing on\u200d areas \u200dbeyond COVID-19. The company aims to leverage its research and development capabilities to introduce \u2063innovative solutions for various medical conditions. This approach will not only help \u2064Pfizer \u200brecover from the current setback but also position the company \u2064for long-term \u2064growth.<\/p>\n<p>In conclusion, Pfizer&#8217;s first quarterly loss since 2019 reflects the decreased demand for its COVID-19 products. The drop in vaccine and treatment sales have had a significant impact on the company&#8217;s \u200cfinancial performance. However, Pfizer remains \u200chopeful about its future prospects and is taking proactive measures to \u200densure a path to recovery. By diversifying its product portfolio and focusing on research and development, Pfizer aims\u200c to overcome the current challenges and continue contributing to global healthcare.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pfizer reported its first quarterly loss since 2019, as demand for COVID-19 products declined. Sales of the company&#8217;s vaccine dropped by 70% in Q3 compared to previous quarters.<\/p>\n","protected":false},"author":2301,"featured_media":2087115,"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":[542],"tags":[],"class_list":["post-2087114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"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\/2087114","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\/2301"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2087114"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2087114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2087115"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2087114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2087114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2087114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}