Crumbling COVID-19 vaccine and treatment sales chopped Pfizer’s second-quarter earnings, but both the drugmaker and Wall Street expect a rebound in the back half of 2023.
Pfizer recorded no U.S. sales of its treatment, Paxlovid, in the recently completed quarter, as the company shifts to selling the pills on the commercial market after contracting with the government.
Paxlovid brought in only $143 million total sales during the quarter after recording $8 billion in last year’s quarter.
Sales of the vaccine Comirnaty also slid 83% to $1.49 billion in the quarter, as both products fell short of Wall Street expectations.
Both Pfizer’s leaders and analysts who follow the company had expected a sales drop in the quarter as inventories already on the market were used up. But they also expect a rebound later this year, as commercial