The American pharmaceutical giant Pfizer went into the red last quarter due to collapsing demand for Covid medicines. The manufacturer had to write down approximately $5.6 billion on its inventories.
The end result was a loss of almost $2.4 billion over the three months from July to the end of September, after a profit of more than $8.6 billion a year ago, the group announced on Tuesday when presenting the final figures.
The group had already announced the writedowns in mid-October due to weak demand for Covid medicines such as Paxlovid and the Comirnaty vaccination that is jointly marketed with Biontech. The group had also narrowed down its targets for this year – these have now been confirmed. Albert Bourla’s management now wants to counter this by making cuts. This should result in net savings of at least $3.5 billion by the end of 2024, the statement said. (saw/sda/awp/dpa)
Source: Blick
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