Pfizer on Tuesday reported its first quarterly loss since 2019 as demand for its COVID products dwindled.
Sales of the company's coronavirus vaccine Comirnaty dropped 70% during the third quarter compared with the same period a year earlier. Sales of its COVID-19 treatment Paxlovid fell 97% from the same period a year ago, the company said.
Pfizer, which announced a $3.5 billion cost-cutting program earlier this month, slashed $9 billion off its 2023 sales forecast after agreeing to take back nearly 8 million Paxlovid treatment courses from the U.S. government.
Pfizer expects Paxlovid to remain available for free to Americans through the end of the year.
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The company posted a net loss of 42 cents per share for the third quarter. Excluding one-time items, Pfizer reported a loss of 17 cents per share compared with analysts' expectations for a loss of 34 cents, and a profit of $1.78 per share a year ago.
Pfizer also said it will book a $5.6 billion charge for write-offs related to its COVID inventory.
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The company noted that the drop in revenue from COVID products would be partially offset by "expected operational growth" from its non-COVID-19 in-line portfolio, including new product and indication launches and recently acquired products.
Pfizer CEO Albert Bourla said the company is "encouraged by the strong performance of Pfizer’s non-COVID products in the third quarter of 2023."
Revenue from Pfizer’s non-COVID products grew 10% operationally during the quarter.
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In particular, Bourla noted recent milestones including the approval and launch of its RVS vaccine Abrysvo in the European Union as well as the U.S. approval and launch of Elrexfio, a medication used to treat adults with multiple myeloma.
Bourla said the company is also making headway on its acquisition of cancer-focused biotech company Seagen Inc.
