Pfizer Suffers Massive Quarterly Loss as COVID Vaccines and Paxlovid Doses Are Returned
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.
