American laboratory Pfizer realized a net profit of 2.119 million dollars in 2023, which represents a 93% less than the year beforeafter sales of its covid-19 vaccine fell, according to information released this Tuesday.
Revenue fell 42% to $58,496 million in 2023.
In its statement, the company points out that the “expected decrease” in the income of Comirnaty – the commercial name of the vaccine it developed Pfizer along with Germany’s BioNTech against covid-19 – and Paxlovid – an antiviral drug against more serious cases – generated a 41% year-over-year operating decline in revenue.
By business line, the global biopharmaceutical division generated revenue of 57.186 million dollarscompared to $98.988 million a year earlier.
However, David Denton, the company’s chief financial officer and executive vice president, said in a statement that he was “pleased with the strong growth 8% in operating income from Pfizer’s non-Covid-19 products in the fourth quarter of 2023.”
Looking ahead, Pfizer Chairman and CEO Albert Bourla noted that the company is entering 2024. “solid foundation”.
Shares of Pfizer rose 0.80% in the pre-open hour.
For this year, the American multinational expects revenue between 58.5 and 61.5 billion dollars.
“We are encouraged by the strong performance of our non-Covid products in the fourth quarter of 2023, driven by significant contributions from new launches,” Bourla said.
He also recalled that they completed the acquisition of Seagen in December 2023, a fundamental step towards their goal of achieving leadership in oncology.
Source: Panama America
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
