Aug 1, 2023 - Economy
Pfizer's COVID vaccine and treatment revenue is plunging as the pandemic subsides
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Pfizer's COVID revenue boom is over.
The big picture: Sales of its COVID vaccine and its COVID treatment Paxlovid led to skyrocketing revenue for Pfizer during the heights of the pandemic.
- But the pharmaceutical giant's business is returning to normal, just as the world begins to do the same and people's attitudes about boosters evolve.
By the numbers: Pfizer on Tuesday reported second-quarter revenue of $12.7 billion, down 54% from the same period a year earlier, when its sales peaked at $27.7 billion.
- The company now expects 2023 COVID vaccine sales to end up down 64% from 2022, while Paxlovid sales are projected to fall 58%.
- "The COVID environment continues to evolve rapidly and remains highly unpredictable," Pfizer CFO David Denton said in a statement.
Be smart: The company expects 2023 operational revenue for non-covid products to be up 6% to 8%, though that's down from a previous expectation of 7% to 9%.
