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Pfizer posts better-than-expected Q4 results
(Sharecast News) - Pharmaceutical giant Pfizer reported better-than-expected quarterly earnings on Tuesday, driven by its cost-cutting programme aimed at an eventual return to profitability. The company reported a fourth-quarter net loss of $3.37bn, compared with net income of $5bn a year-earlier. Revenues fell 41% to $14.24bn - below consensus estimates of $14.37bn.
Pfizer said the US government returned fewer courses of its Covid Paxlovid drug than expected, leading to a $3.5bn revenue reversal for the return of about 6.5 million doses compared with a prior forecast of a $4.2bn based on the return of around 7.9 million courses at the end of 2023.
Revenues from Covid products, antiviral treatment Paxlovid and Covid vaccine Comirnaty, came in at $12.5bn for 2023. Pfizer makes the Comirnaty vaccine with German partner BioNTech.
The company has set a $4bn cost-cutting target and has set its sights on growing earnings through its cancer treatments.
Reporting by Frank Prenesti for Sharecast.com
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