Pfizer Inc
- Pfizer Inc. decreased 0.6% to $30.39 after the drugmaker recorded charges related to its COVID vaccine and COVID antiviral treatment Paxlovid.
The company took a $5.6 billion inventory write-down in the third quarter related to COVID products.
Revenue in the third quarter plunged 42% to $13.2 billion from $22.6 billion, and the company swung to a net loss of $2.4 billion from a profit of $8.6 billion, and diluted earnings per share declined to ($0.42) from $1.54 a year ago.
The pharmaceutical company guided full-year 2023 revenue to decline between 39% and 42% from a year ago, primarily because of the lower demand for COVID products.
Oct 31, 2023
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