Pfiz­er's Q4 rev­enue tum­bles 42% amid Covid re­set

Pfiz­er round­ed out a tough year with fourth-quar­ter rev­enue of $14.2 bil­lion, a 42% de­crease com­pared to the same time in 2022, dri­ven by droop­ing de­mand for its Covid-19 prod­ucts Comir­naty and Paxlovid.

With­out the drag of Comir­naty and Paxlovid, rev­enue grew 8%.

Pfiz­er al­so re­port­ed that it ex­pects $4 bil­lion in cost sav­ings this year as a re­sult of plans an­nounced in De­cem­ber to cut $500 mil­lion in costs on top of the $3.5 bil­lion cost-cut­ting plan dis­closed in Oc­to­ber.

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