Pfizer Profit Crashes 44 Percent on Weak COVID-19 Vaccine Sales

Published on May 1, 2024

Pfizer’s profit plunged over 40 percent year over year in the first quarter, with the drugmaker blaming falling sales of its COVID-19 vaccine and antiviral treatment for the net income crunch. In its first-quarter 2024 results, released on May 1, Pfizer reported total revenues of $14.9 billion, representing a revenue decline of 20 percent year over year from the $18.5 billion notched in the year-ago quarter. Profit (net income) fell by a whopping 44 percent—from $5.5 billion a year ago down to $3.1 billion in the first quarter of this year. The company blamed the profit and revenue decline on falling sales of its COVID-19 vaccine (Comirnaty) and its COVID-19 antiviral treatment (Paxlovid), which saw sharp declines in the United States and the rest of the world....

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