Pfizer’s revenue and profit fell by a third due to reduced sales of anti-virus vaccines
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Today, May 2, the American pharmaceutical company Pfizer reported, that in the first quarter its revenue amounted to $18.3 billion, which is 29% less than a year earlier. Net income was $5.5 billion, down 30% from a year earlier. The significant decline was mainly driven by a drop in sales of anti-COVID vaccines amid the ongoing weakening of the COVID-19 pandemic. As you know, the vaccine, developed and produced jointly by Pfizer and the German BioNTech, has become one of the most popular during a pandemic.
Nevertheless, Pfizer’s quarterly revenue was higher than analysts’ forecasts, interviewed Refinitiv – $16.6 billion, and revenue per share – $1.23 (forecast $0.98). Due to this, the company’s quotes showed a slight decrease after the publication of financial statements, falling by only 1.3%.
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