Pfizer has posted a reported net income of $2.36bn for the second quarter (Q2) of 2023, a drop of 77% from $10bn in the same quarter of 2022.

Revenues also saw a decline of 54% to $12.73bn from $27.74bn in Q2 2022.

The company attributed the drop in total revenues to a decline in global revenues generated by the Covid-19 products, Paxlovid and Comirnaty.

Paxlovid and Comirnaty revenues for Q2 2023 saw a decline of 98% and 82% respectively on an operational basis, against the same quarter of the previous year. 

The company’s Nurtec ODT/Vydura and Oxbryta and Vyndaqel family products contributed to the growth of operational revenues in Q2 2023.

Pfizer chief financial officer and executive vice-president David Denton stated: “The second quarter of 2023 delivered a solid 5% operational revenue growth, excluding our Covid-19 products, and our year-to-date results are in line with our expectations. 

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“Despite a few near-term individual product revenue challenges, we believe the company is well-positioned for accelerated growth of our non-Covid products in the second half of 2023. 

“The Covid environment continues to evolve rapidly and remains highly unpredictable. In spite of this uncertainty, the company is maintaining its focus on ensuring successful fall vaccinations during the respiratory infection season.”

The company’s adjusted diluted earnings per share (EPS) for Q2 2023 were $0.67 compared with $2.04 in the same period of 2022, a year-on-year drop of 67%.

Pfizer has therefore updated the 2023 guidance with revenues now expected in the $67bn-$70bn range while the outlook for adjusted diluted EPS will remain in the $3.25-$3.45 range.

In July 2023, Pfizer made an investment of $25m in biopharmaceutical firm Caribou Biosciences.