A smaller-than-expected third-quarter loss from Pfizer Inc (NYSE:PFE) was not enough to move the stock pre-market as it revealed the scars from a tail-off in demand from Covid treatments.
Disclosing write-offs of $5.6 billion, $4.7 billion was attributed to its antiviral drug Paxlovid.
Concurrently, Pfizer confirmed its full-year earnings guidance—significantly reduced from initial estimates—and announced a $3.5 billion cost-cutting initiative.
Turning to the Q3 numbers, revenues were $13.23 billion, a 42% dip compared to the same period in the previous year.
The loss per share stood at 17 cents adjusted, notably lower than the 34 cents projected by the Street ahead of the figures.
Ahead of the bell, Pfizer stock, down 40% in the year to date, fell 16 cents to $30.39.
Excluding Covid-related products, Pfizer's quarterly revenue grew by 10%, bolstered by newly acquired drugs and its vaccine against respiratory syncytial virus, Abrysvo. Moreover, sales of Vyndaqel drugs, used for treating a specific type of cardiomyopathy, surged by 48%, contributing to the revenue growth.
For 2023, Pfizer expects a revenue of $58 billion to $61 billion, with full-year adjusted earnings per share of $1.45 to $1.65. Shares of Pfizer have declined approximately 40% year-to-date, valuing the company at around $172.5 billion.