US pharmaceutical company Pfizer announced profits that exceeded expectations thanks to increased sales of drugs used to treat COVID-19 and some other cancers.
Pfizer's drug Paxlovid used in the treatment of COVID-19 - Photo: AFP
In the third quarter, Paxlovid sales reached $2.7 billion, up $2.5 billion from the same period last year, thanks to "higher demand during the recent global COVID-19 outbreak," AFP news agency quoted the company's press release.
As a result, the American pharmaceutical company recorded a profit of 4.5 billion USD, compared to a loss of 2.4 billion USD in the same period last year. Revenue increased by 31%, reaching 17.7 billion USD.
In recent quarters, declining sales of its COVID-19 vaccine and treatment Paxlovid have weighed on Pfizer’s profits, prompting it to embark on a cost-cutting program last year and focus on deals to shore up its business.
The COVID-19 vaccine Comirnaty, produced by Pfizer with German partner BioNTech, brought in sales of $1.42 billion, compared with expectations of $870 million.
The third-quarter results prompted Pfizer to raise its annual revenue forecast for Comirnaty and Paxlovid to $10.5 billion, from a previous forecast of $8.5 billion.
Analysts expect Pfizer to generate about $9 billion in combined sales from COVID-19-related products this year.
In addition to Paxlovid, Pfizer said its results were also supported by growth in its cancer-related products. Other top sellers included the anticoagulant Eliquis and Xtandi, a drug used to treat prostate cancer in men.
Some products with low sales include Xeljanz, an anti-inflammatory drug, and Ibrance, a breast cancer drug.
Pfizer CEO Albert Bourla said the company has multiple drugs in development or on the way to approval, adding that "we are well positioned to continue to drive scientific breakthroughs that are meaningful to patients and the company."
Source: https://tuoitre.vn/doanh-thu-pfizer-tang-vot-nho-thuoc-dieu-tri-covid-19-20241029211252864.htm
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