Pfizer, which warned of a $5.5 billion writedown of its Covid treatment inventories earlier this month, posted a narrower-than-expected third quarter loss Tuesday.
posted a narrower-than-expected third quarter loss Tuesday, while holding its recently-lowered profit forecasts in place amid the ongoing slump in Covid vaccine and treatment sales.
Pfizer slashed its full-year sales and profits forecasts earlier this month amid a slump in demand for Covid treatments. The group told investors earlier this month that it would write-off around $4.6 billion in inventories of Paxlovid, its oral Covid treatment, while taking a further $5.5 billion non-cash charge against its third quarter earnings.
Looking into the final months of the year, Pfizer said full-year group revenues would likely come in between $58 billion and $61 billion, down from its early August forecast of between $67 billion and $70 billion, amid slumping sales of its both Paxloid and its Comirnaty Covid vaccine. “With a significant uncertainty removed by our recently announced amended Paxlovid supply agreement with the U.S.
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