Pfizer’s profits plunge 93% after weak vaccine sales

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.