Posted on 11/01/2023 10:19:45 AM PDT by bitt
Pfizer reported a third-quarter loss during Tuesday’s earnings call as the demand for its COVID-19 vaccines and one popular antiviral medication to treat the virus decreased substantially, according to CNBC.
The pharmaceutical giant announced it recorded a write-off of $5.6 billion due to the drug Paxlovid and its vaccine, Comirnaty.
Paxlovid lost the company $4.7 billion, while the mRNA vaccine was responsible for $900 million in losses.
The company reported a quarterly revenue of $13.2 billion, which was down 42 percent from 2022’s second quarter.
According to CNBC, Pfizer’s COVID shots generated $1.31 billion in revenue from July to September.
That is a 70 percent decrease when compared with the same period from the previous year.
Sales of Paxlovid, meanwhile, were down 97 percent year-over-year.
The drug maker agreed to take back nearly 8 million unused courses of Paxlovid from the U.S. government, along with its inventory of the vaccine, Reuters reported.
“One-time items include a non-cash revenue reversal of approximately $4.2 billion related to the return of an estimated 7.9 million treatment courses of U.S. government [emergency use authorization]-labeled Paxlovid expected in the fourth quarter of 2023 and a non-cash charge of $5.6 billion recorded to Cost of Sales in the third quarter of 2023 for COVID products inventory write-offs and other charges,” it said.
That charge included $4.7 billion for Paxlovid and $0.9 billion for Comirnaty.
Shares of Pfizer opened at $30.32 on Tuesday morning — down from a record high of more than $57 per share in December 2021.
Tuesday was the first time the company had reported losses since 2019, the year before the pandemic began.
(Excerpt) Read more at thegatewaypundit.com ...
gee, that’s a shame..
poison clot shots are no longer popular?
Gee, I wonder why?
Hopefully they learned their lesson, don’t partner with government.
Bad News for the Pfizer (pfiss be upon them!) ghouls on the day after Halloween.
Wonder if they’ll survive on the candy Uncle Sugar bought ‘em with OUR money over the last few years.
>> Hopefully they learned their lesson
Doubt it... their business model is built around gubmint cash flow.
loss??? please, they just dint rake in the cash like last time is all...
Dump Pfizer stock ASAP.
Cue in the Jerry Seinfeld meme “What a shame”.
Well, DUH!
But please realize that Pfizer will be held in quite a few mutual fund portfolios.
Paxlovid obviated the need for shots anyway
Pfizer stock (PFE) has been down consistently month after month for the last 8 years. It’s up almost $1 over 10 years ago.
Well shoot. I guess they’ll have to gin up another plandemic.
Not to worry, they’ll relabel it to use in the next variant.
What a coincidence.......
Yes, now you can get a COVID relapse and reinfection in record time in pill form.
One reason they are mixing the covid-19 vaccine in with the flu shot. They get paid extra from those that want a flu shot.
GOOD !!! Now if they can follow the pudwisser business plan and keep losing their CORRUPT A$$€$ for a few dozen years...
MUDERING PSYCHOPATHS AND THE POISONOUS CRAP THEY MAKE !!!
Comment BUMP!!!
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