Earnings

Pfizer (PFE) Q3 earnings report 2023

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Pfizer on Tuesday reported a narrower than expected adjusted loss for the third quarter as the drugmaker recorded charges largely related to struggles for its Covid antiviral treatment Paxlovid and Covid vaccine.

Pfizer said that it recorded a $5.6 billion charge for inventory write-offs in the third quarter due to lower-than-expected use of Covid products. Of these write-offs, $4.7 billion are chalked up to Paxlovid and $900 million are attributed to the company’s company vaccine.

The pharmaceutical giant also reiterated the full-year adjusted earnings and revenue guidance it announced two weeks ago, which is drastically lower than its initial…



Source cnbc.com

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