With Covid sales declining, Pfizer zeroes in on M&A and oncology
Pfizer’s first-quarter revenue tumbled, as expected, due to dwindling sales of its Covid-19 products, yet executives sought to reinforce the company’s renewed focus on cancer and new acquisitions.
“Even with Comirnaty’s decline, our common franchises remain [a] significant contributor to the business with a combined $7.1 billion in revenues during the quarter,” Pfizer CEO Albert Bourla said.
On its Q1 conference call on Tuesday, Bourla described Pfizer’s financial performance as “expected” as overall revenue declined 26% to $18.3 billion in the first quarter, below the $25.6 billion reported in the same quarter last year. However, excluding the Covid vaccine Comirnaty and Covid treatment Paxlovid, revenue increased by 5% in the first three months of the year.
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