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 Covid-19 vaccine.

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

October 27, 2020 08:13 ET (12:13 GMT)

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