For the quarter ended 1 October 2023, the company reported a diluted loss per share of $0.42.
Revenues also saw a decline of 42% to $13.23bn from $22.63bn in the same quarter of the previous year.
Pfizer attributed the drop in revenues to the expected decline in global revenue generated by the Covid-19 products, Paxlovid and Comirnaty.
Paxlovid and Comirnaty revenues saw a 97% and 70% drop respectively against the same quarter of 2022.
Excluding Comirnaty and Paxlovid contributions, Pfizer’s revenues rose by 10%, or $1.1bn on an operational basis.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The rise was driven by Abrysvo’s revenues in the US, Nurtec ODT/Vydura, Oxbryta, the Vyndaqel family and the Prevnar family.
Pfizer chief financial officer and executive vice-president David Denton stated: “We are extremely pleased by the strong 10% operational revenue growth of Pfizer’s non-Covid products in the third quarter of 2023.
“With expected contributions from our new product launches, this puts us squarely on track to meet our full-year non-Covid operational revenue growth target of 6% to 8%.
“In addition, we launched our cost realignment programme, from which we expect to achieve at least $3.5bn of net cost savings by the end of 2024.”
In August 2023, the company announced a reported net income of $2.36bn for Q2 2023, indicating a 77% decline from $10bn in the same quarter of 2022.