[ad_1]
Pharmaceutical major Pfizer reported a 77 per cent annual drop in its second-quarter profit, as sales of its Covid-19 products declined.
Net income in the three months ended June declined to $2.33 billion, from $9.91 billion a year earlier, the New York-based company said in a statement on Tuesday.
Revenue dropped a bigger than expected 54 per cent to $12.73 billion, from $27.74 billion in the same period in 2022.
The company, however, narrowed its 2023 revenue guidance range to $67 billion to $70 billion, while maintaining its outlook for adjusted diluted earnings per share of $3.25 to $3.45.
Pfizer, which developed one of the major vaccines for Covid-19, is banking on its product launch roadmap to boost its bottom line, chairman and chief executive Albert Bourla said in the statement.
“Pfizer has made significant progress toward our goal to launch 19 new products and indications in an 18-month span, having executed eleven launches thus far. We continue to build momentum in 2023, recently attaining key milestones for several products,” he said.
The company is also looking forward to grow its non-Covid portfolio in the second half of 2023, as the Covid environment “continues to evolve rapidly and remains highly unpredictable”, chief financial officer and executive vice president David Denton said.
More to follow…
Updated: August 01, 2023, 11:53 AM
[ad_2]
Source link