Pfizer Looks Beyond COVID
Paxlovid charge sparks swing to quarterly loss
On Tuesday, Pfizer urged investors to focus on growth in its non-COVID products such as its new RSV vaccine Abrysvo, after weak demand for its COVID-19 vaccine and treatment pushed the drugmaker to its first quarterly loss since 2019.
As announced earlier this month, the company recorded a $5.6 billion one-time charge to account for the U.S. government returning millions of doses of its antiviral treatment Paxlovid, as well as inventory of its vaccine Comirnaty.
A drop in the use of vaccines and products as the pandemic receded has fueled a 40 percent drop in Pfizer's shares this year and could remain a drag going forward, analysts have said. The stock fell about 2 percent in early trading.
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