Pandemic Dents Third-Quarter Sales for Pfizer -- Update
By Matt Grossman
The Covid-19 pandemic weighed down sales for some Pfizer Inc.
drugs in the latest quarter as the company's candidate vaccine for
the virus that has caused the public-health crisis continues in a
large late-stage trial.
The New York City-based company recorded sales of $12.13
billion, compared with $12.68 billion in the same three-month
period last year. Analysts surveyed by FactSet had forecast $12.31
billion of sales
The company's biopharma revenue grew by 3% to $10.22 billion as
sales expanded for drugs such as Eliquis, Vyndaqel and Xeljanz.
Revenue from the company's Upjohn segment, which focuses on
off-patent and generic drugs, declined by 18% to $1.92 billion.
Pfizer plans to spin off Upjohn in a combination with U.K.-based
Mylan N.V. In September, Pfizer and Mylan won approval from the
European Commission for the deal. The deal is expected to close in
the fourth quarter.
Pfizer said the pandemic dragged down its third-quarter revenue
by approximately $500 million, or 4%, as the public-health crisis
disrupted demand for some products in China and scrambled U.S.
health-care visits that aren't related to the viral disease.
Reduced doctor visits have thrown off prescribing patterns for some
products, according to the company.
Pfizer's profit in the third quarter was 39 cents a share,
compared with $1.36 a share in last year's third quarter.
As cases of Covid-19 rise again in the U.S. and Europe, the
vaccine Pfizer is developing for the disease in partnership with
BioNTech SE has reached a large final-stage clinical trial. More
than 42,000 patients have been enrolled, Pfizer said, and 36,000
have received their second dose of the vaccine.
In July, Pfizer and BioNTech reached a $1.95 billion deal with
the U.S. to supply 100 million doses of the vaccine. Candidate
vaccines developed by AstraZeneca PLC, Moderna Inc. and Johnson
& Johnson have also reached pivotal Phase 3 trials.
Pfizer said it expects to report full-year revenue between $48.8
billion and $49.5 billion, and an adjusted profit of $2.88 to $2.93
a share. The guidance doesn't assume revenue contributions from its
Write to Matt Grossman at firstname.lastname@example.org
(END) Dow Jones Newswires
October 27, 2020 08:13 ET (12:13 GMT)
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