Pfizer Faces More Than Just COVID Revenue Declines

(CTN News) – In just a few years, Pfizer (NYSE: PFE) has undergone a great deal of change. The COVID-19 vaccine maker’s shares were trading at around $60 at the end of 2021, and things were looking good for it. By 2022, the company would have generated more than $100 billion in revenues.

In today’s market, however, the stock is trading below $30 per share. As investors fret over the future of the company, what was once excitement and hype has now been replaced with fear and anxiety.

It is unlikely that COVID-19 products will generate as much revenue as they did in 2022. However, Pfizer faces even greater difficulties. I will explain why.

In the fourth quarter, Pfizer’s sales fell by 41%

Pfizer reported its quarterly results for the last three months of 2023 on Jan. 30, and they were not good. In terms of revenue, the company earned $14.2 billion, down by over 41% from last year. It also reported a net loss of $3.4 billion, largely due to a revenue reversal related to Paxlovid, its COVID drug.

It seems that Pfizer’s top products are not generating much growth

Many investors are aware of Pfizer’s struggles with its COVID products; however, the company’s struggles extend beyond that. Last quarter, its oncology business declined by 3%, and specialty care sales increased by only 11%.

The following is a breakdown of the company’s non-COVID products that generated over $1 billion in revenue last quarter:

Eliquis, an anticoagulant medication, was the only product to generate year-over-year growth of more than $1 billion in sales.

The company’s Vyndaqel brand (which treats transthyretin amyloidosis, a protein disorder) came close to meeting the goal, with revenues of $961 million rising by 41%, but generally, Pfizer’s top products have not achieved strong results.

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