New York (AFP) – Pfizer reported a drop in third-quarter profits Tuesday as lower sales of Covid-19 products more than offset gains in other medications. Profits were $3.5 billion, down 21 percent from the year-ago period. Revenues dipped six percent to $16.7 billion.
The big US drugmaker, which has been navigating a significant drop in coronavirus-related revenues, pointed to lower Covid-19 infections across the United States and internationally, compared with the year-ago period. Pfizer also experienced a 20-percent fall in its vaccine revenues after US officials in the Trump administration narrowed guidance for getting the jabs in the United States. Under Health and Human Services Secretary Robert Kennedy, Trump’s administration has recommended that for people aged five through 64, only those with higher-risk conditions get a Covid vaccine.
Lower sales in Covid-related products were partially compensated for by gains in other products. These include Eliquis, which is used to treat blood clots, and migraine drug Nurtec. Pfizer confirmed its full-year revenue forecast and raised somewhat its profit outlook.
But Pfizer profits were also dented by a $1.35-billion charge related to an agreement with 3SBio for exclusive rights to commercialize a cancer medication undergoing trials in China. Pfizer is embroiled in a takeover battle with Novo Nordisk for the purchase of obesity treatment maker Metsera. The Danish pharmaceutical giant last week announced an unsolicited bid for Metsera that topped Pfizer’s $4.9 billion merger agreement.
Pfizer has filed two US lawsuits against Metsera and Novo Nordisk since Novo Nordisk went public with its offer on October 30. Shares of Pfizer dipped 0.9 percent in pre-market trading.
© 2024 AFP
