Pfizer on Wednesday reported a drop in profits due to lower
sales of Covid-19-related gains, as it directs investments into other
pharmaceutical areas and implements previously announced cost cuts.
Much lower sales of Covid-19 vaccine Comirnaty and
therapeutic Paxlovid accounted for a 20 percent drop in first-quarter revenue
to $14.9 billion compared with the same period a year earlier.
Profits were $3.1 billion, down 44 percent.
The pharmaceutical company highlighted the increase in sales
of oncology products, partly driven by the acquisition of Seagen, which was
completed in December.
Other products with significant growth included Vyndaquel,
which is used to treat nervous diseases; Eliquis, which treats blood clots; and
Prevnar, a pneumonia vaccine.
"I am very pleased with the strong 11 percent growth in
operating income from our non-Covid products in the first quarter," said
Chief Financial Officer David Denton.
"We continue to make progress on our cost realignment
program and remain on track to meet our target target by the end of the
year."
Pfizer said it will generate “at least” $4 billion in
savings by the end of 2024. /IP
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