The results come two weeks after Pfizer slashed its full-year adjusted earnings and revenue guidance and launched a sweeping $3.5 billion cost-cutting plan.
on Tuesday reported a narrower than expected adjusted loss for the third quarter as the drugmaker recorded charges largely related to struggles forfor inventory write-offs in the third quarter due to lower-than-expected use of Covid products. Of these write-offs, $4.7 billion are chalked up to Paxlovid and $900 million are attributed to the company's company vaccine.
Here's what Pfizer reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Pfizer reported third-quarter revenue of $13.23 billion, down 42% from the same period a year ago, due to the decline in sales of its Covid products.
For the third quarter, Pfizer booked a net loss of $2.38 billion, or 42 cents per share. That compares to a net income $8.61 billion, or $1.51 per share, during thePfizer reiterated the guidance it outlined in October: The company expects 2023 sales of $58 billion to $61 billion and full-year adjusted earnings of $1.45 to $1.65 per share.
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