New York, Aug. 1, (dpa/GNA) – Pfizer on Tuesday released earnings for the second quarter that decreased from last year but beat Wall Street estimates.
The company’s revenue for the quarter fell 54.1% to $12.73 billion from $27.74 billion last year.
The US pharma giant said a decline in revenues from the coronavirus vaccine Comirnaty and the Paxlovid antiviral pill for the treatment of Covid-19 infection was behind the steep fall.
The company’s earnings came in at $2.33 billion, or $0.41 per share. This compares with $9.91 billion, or $1.73 per share, in the same period last.
Excluding items, Pfizer reported adjusted earnings of $3.84 billion or $0.67 per share.
Analysts on average had expected the company to earn $0.52 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
“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,” David Denton, chief financial officer, said in a statement.
GNA