Pfizer earnings top estimates on latest COVID-19 wave
Besides Paxlovid, Pfizer said its results benefited from growth in Oncology products
New York: Pfizer reported earnings that topped expectations Tuesday following an uptick in sales of a Covid-19 therapeutic and gains from other products.
The big drugmaker has in recent quarters seen reduced sales of its Covid-19 vaccine and treatment Paxlovid lead to lower profits.
But in the third quarter, sales of Paxlovid hit $2.7 billion, $2.5 billion above the year-ago level "driven by higher utilization during a recent global Covid-19 wave," the company said in a press release.
That helped Pfizer report profits of $4.5 billion compared with a loss of $2.4 billion in the year-ago period. The 2023 quarter was dented by a large negative accounting hit due to inventory write-offs.
Revenues rose 31 percent to $17.7 billion.
Besides Paxlovid, Pfizer said its results benefited from growth in Oncology products. Other strong sellers included the anticoagulant Eliquis and Xtandi, which treats prostate cancer in men.
Products with lower sales included Xeljanz, which treats inflammation and Ibrance, a breast cancer drug.
Chief Executive Albert Bourla pointed to a variety of drugs under development or proceeding through regulatory review, saying "we are well positioned to continue advancing scientific breakthroughs meaningful to our patients and our company."
Pfizer lifted its revenue and profit forecast.
Shares rose 1.7 percent in pre-market trading.