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Pfizer posts third-quarter loss, flags impact of COVID product charges

Investing.com -- Pfizer (NYSE:PFE) has reported its first quarterly loss since 2019, while revenue also missed estimates, as the drugmaker was hit by charges linked to its COVID-19 treatments.

The New York-based drugmaker posted a diluted loss per share of $0.42 in the third quarter, slumping from a profit of $1.51 a share in the corresponding period last year.

In a statement, Pfizer flagged that it was "significantly impacted" by $5.6B in non-cash inventory write-offs and other charges related to its COVID products, including $4.7B for its Paxlovid antiviral treatment and $900 million for Comirnaty, a vaccine co-developed with Germany's BioNTech (NASDAQ:BNTX).

Revenue in the three months ended on Oct. 1 also slipped by 42% to $13.23B, missing Bloomberg consensus expectations of $13.49B.

Meanwhile, Pfizer reaffirmed its annual revenue forecast, which it had reduced by 13% earlier this month due to lower-than-projected sales of its COVID vaccines and treatments. A post-pandemic drop in vaccination rates and an uptick in population-wide immunity have cooled the once red-hot clamor for the company's COVID offerings. The drugs previously fueled a spike in revenue to record levels in 2021 and 2022.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.