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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