Today the company reported a surprise quarterly profit on Tuesday, helped by cost-cutting measures and fewer returns of its COVID treatment Paxlovid by the U.S. government than it had expected, but revenue fell short of Wall Street estimates.
Tag Archive for: Paxlovid
“Would-be insider traders tempted by the prospect of easy money should know that the Southern District of New York is watching, we’ll catch you, and we’ll make sure you pay the price for violating the law,” stated Damian Williams, United States Attorney for the Southern District of New York.
Pfizer on Tuesday reported its first quarterly loss since 2019, as demand fell for its COVID products and it recorded a hefty charge mainly from the U.S. government returning millions of doses of its antiviral treatment Paxlovid.
A revised Paxlovid supply agreement with the U.S. government has pushed Pfizer to launch a “cost realignment” program including layoffs, though it is still unclear how many employees will be affected.
Pfizer’s mRNA vaccine, Comirnaty, was the company’s highest-selling product once again, but leaders are looking to the Seagen acquisition for future growth.
As the public’s interest in COVID-19 products continues to wane and the autoimmune medicine Humira settles into life without exclusivity, the anti-cancer agent Keytruda is set to rule the drug marketplace for years to come.
In a less-than-shocking development, the top drugs of the launch class of 2021 were all for preventing or treating everyone’s least favorite virus.
The top industry player to seize this multibillion-dollar opportunity is Pfizer, which will sustain a 9.2% decline in annual sales forecast from 2023 to 2029 but will nevertheless hold the most dominant position in the infectious diseases space.
The U.S. Food and Drug Administration on Thursday granted a full approval to Pfizer’s Paxlovid, an oral antiviral COVID-19 treatment for adults at high risk of progression to severe disease.
Gilead Sciences Inc. on Tuesday unveiled data from the first human study of its experimental oral COVID-19 antiviral, saying the results in healthy volunteers cleared the way for two large Phase III trials of the drug that have begun enrolling patients.