AIRLINK 74.85 Increased By ▲ 0.56 (0.75%)
BOP 4.98 Increased By ▲ 0.03 (0.61%)
CNERGY 4.49 Increased By ▲ 0.12 (2.75%)
DFML 40.00 Increased By ▲ 1.20 (3.09%)
DGKC 86.35 Increased By ▲ 1.53 (1.8%)
FCCL 21.36 Increased By ▲ 0.15 (0.71%)
FFBL 33.85 Decreased By ▼ -0.27 (-0.79%)
FFL 9.72 Increased By ▲ 0.02 (0.21%)
GGL 10.45 Increased By ▲ 0.03 (0.29%)
HBL 112.74 Decreased By ▼ -0.26 (-0.23%)
HUBC 137.44 Increased By ▲ 1.24 (0.91%)
HUMNL 11.42 Decreased By ▼ -0.48 (-4.03%)
KEL 5.28 Increased By ▲ 0.57 (12.1%)
KOSM 4.63 Increased By ▲ 0.19 (4.28%)
MLCF 37.80 Increased By ▲ 0.15 (0.4%)
OGDC 139.50 Increased By ▲ 3.30 (2.42%)
PAEL 25.61 Increased By ▲ 0.51 (2.03%)
PIAA 20.68 Increased By ▲ 1.44 (7.48%)
PIBTL 6.80 Increased By ▲ 0.09 (1.34%)
PPL 122.20 Increased By ▲ 0.10 (0.08%)
PRL 26.58 Decreased By ▼ -0.07 (-0.26%)
PTC 14.05 Increased By ▲ 0.12 (0.86%)
SEARL 58.98 Increased By ▲ 1.76 (3.08%)
SNGP 68.95 Increased By ▲ 1.35 (2%)
SSGC 10.30 Increased By ▲ 0.05 (0.49%)
TELE 8.38 Decreased By ▼ -0.02 (-0.24%)
TPLP 11.06 Decreased By ▼ -0.07 (-0.63%)
TRG 64.19 Increased By ▲ 1.38 (2.2%)
UNITY 26.55 Increased By ▲ 0.05 (0.19%)
WTL 1.45 Increased By ▲ 0.10 (7.41%)
BR100 7,841 Increased By 30.9 (0.4%)
BR30 25,465 Increased By 315.4 (1.25%)
KSE100 75,114 Increased By 157.8 (0.21%)
KSE30 24,114 Increased By 30.8 (0.13%)

NEW YORK: Pfizer reported a steep drop in profits Tuesday on much lower Covid-related revenues as it curtailed its full-year sales outlook, in part due to tornado damage to a key manufacturing facility.

Profits in the second quarter were $2.3 billion, down 77 percent as revenues fell 54 percent to $12.7 billion.

Quarterly revenues for Pfizer’s Covid-19 vaccine and Paxlovid therapeutic were $1.6 billion, far below the $16.9 billion in the year-ago period.

Uber reports surprise profit in Q2

The drugmaker pointed to a “few near-term individual product revenue” challenges as it trimmed its full-year sales forecast.

These include US approval for a drug combination for prostate cancer and a needed recommendation on the Abrysvo vaccine from the US Centers for Disease Control and Prevention.

Pfizer also cited recent tornado damage to a North Carolina manufacturing facility as a drag on near-term results.

The tornado slammed Pfizer’s Rocky Mount plant on July 19, which accounts for manufacturing nearly 25 percent of company sterile injectables.

Pfizer said most of the damage was to a warehouse, which stores raw materials and finished medicines awaiting release by quality assurance.

The pharmaceutical giant now expects full-year revenue growth of six to eight percent in 2023, excluding Covid programs. That’s down one percent from the prior range.

On Covid, Chief Financial Officer David Denton said the environment “continues to evolve rapidly and remains highly unpredictable,” according to a company press release.

“In spite of this uncertainty the company is maintaining its focus on ensuring successful fall vaccinations during the respiratory infection season,” Denton said.

Pfizer said its acquisition of biotechnology company Seagen remains on track. The company is in touch with regulators and expects the deal to close in late 2023 or early 2024.

Shares of Pfizer fell 1.2 percent to $35.64 in pre-market trading.

Comments

Comments are closed.