(New York) Pfizer saw sharp declines in first-quarter revenue and profit due to weaker sales of its COVID-19 vaccine and pill, but still exceeded expectations and maintained guidance for the year.
The American laboratory saw its turnover plunge by 29% over the period, to 18.3 billion dollars.
Sales of the Comirnaty vaccine developed with the German laboratory BioNTech fell 77%, weighed down by a sharp drop in orders.
Those of the anti-COVID-19 pill Paxlovid, on the other hand, are up compared to the same period in 2022, in particular due to a last order from the American government before a transition to more traditional marketing, as well as by a strong demand in China due to an upsurge in the pandemic.
Pfizer still expects for 2023 a drop of 64% in its Comirnaty vaccine sales and 58% in its Paxlovid pill sales.
Without these two products, which have boosted Pfizer’s financial performance for two years, the laboratory’s turnover increased in the first quarter by 5%.
Its net profit fell 30% to $5.5 billion.
Pfizer still anticipates revenue growth excluding Paxlovid and Cominarty of 7% to 9% over the year.
The laboratory is counting on the arrival on the market of new products, in particular after the recent green lights from the American Medicines Agency (FDA) for a new migraine treatment which has the particularity of being administered by a nasal aerosol (Zavzpret) as well as for the prescription of the eczema drug Cibinqo for adolescents and the pneumococcal infection vaccine Prevnar for children.
The group’s share price rose 0.7% in electronic trading prior to the opening of the stock market.
