Pfizer Posts Loss Due to Expected COVID-19 Burden

(New York) The American laboratory Pfizer announced in a press release on Tuesday a net loss in the third quarter linked to an already known shrinkage of its product stocks (vaccines and treatment) against COVID-19 due to lower sales.


The group announced on October 13 a charge for depreciation of its inventories in the third quarter equivalent to 5.5 billion dollars, including 4.6 billion for the drug Paxlovid alone.

Sales of its Comirnaty vaccine against COVID-19 did not reach expected volumes either, he added, warning that its results would be affected for the third quarter and for the year.

He then revised downwards his forecasts for the entire current financial year, which he maintained on Tuesday.

Turnover for 2023 should be in the range of $58 to $61 billion and net earnings per share – a benchmark for the markets – should be between $1.45 and $1.65 (3.25 to 3. 45 dollars previously anticipated).

Between July and September, its turnover fell 42% year-on-year to 13.23 billion – slightly below consensus – but it increased 10% like-for-like excluding COVID-19 products.

It made a net loss of $2.38 billion over this period, compared to a profit of $8.61 billion a year earlier. Reported per share and excluding exceptional items, it comes to 17 cents.

“We are encouraged by Pfizer’s strong performance excluding COVID-19 products in the third quarter of 2023, including significant contributions from our new launches and robust year-over-year growth across several crucial lines,” commented Albert Bourla, group boss. , quoted in the press release.

He also welcomed the “progress” in the acquisition process of the biotech Seagen, specializing in oncological treatments, for $43 billion.

The operation received the green light from the European Commission on October 19. Seagen had confirmed that the transaction would still be finalized by the end of 2023 or the beginning of 2024, once the final regulatory authorizations had been obtained.

Pfizer confirmed on Tuesday the implementation of a cost readjustment program – announced in mid-October – which should enable it to save at least $3.5 billion, including one billion from 2023 and the balance the following year.

In trading before the opening of the New York Stock Exchange, Pfizer shares were stable (+0.07%).


source site-55