pfizer
New York (United States) (AFP) - Pfizer reported a drop in profits on lower sales of Covid-19 related profits Wednesday as it steers investments to other pharmaceutical areas and implements previously announced cost cuts. Much lower sales of Covid-19 vaccine Comirnaty and therapeutic Paxlovid accounted for a 20 percent drop in first-quarter revenues to $14.9 billion compared with the year-ago period. Profits were $3.1 billion, down 44 percent. The drugmaker pointed to increased sales of oncology products, in part driven by the acquisition of Seagen, which was completed in December. Other produ...
AFP
Washington (AFP) - Pharmaceutical giant Pfizer has received US approval for a gene therapy against a form of hemophilia, a rare and inherited blood clotting disorder, the company said Friday. Beqvez, which is given as a single intravenous infusion, was shown in a clinical trial of 45 people to be better at preventing bleeding among adults with moderate to severe hemophilia B compared to regular infusions of a protein that promotes clotting, called protein factor IX (FIX). The current standard of care is cumbersome, requiring infusions up to several times per week. "Many people with hemophilia ...
AFP
New York (AFP) - Pfizer issued a disappointing 2024 forecast Wednesday, denting shares as the company navigates a profound plunge in sales tied to the Covid-19 pandemic. The company, which reported more than $100 billion in revenue in 2022 due to the lift from Covid-19 vaccine and therapeutic sales, sees 2024 revenues of between $58.5 billion and $61.5 billion, according to its presentation. Pfizer signaled it expects 2024 profits to be dented by an estimated 40 cents per share in costs to finance its acquisition of Seagen. Shares plunged more than eight percent in late-morning trading follo...
AFP
New York (AFP) - Pfizer announced Tuesday that it expects to complete this week its $43 billion acquisition of cancer-focused biotech company Seagen after clearing key regulatory hurdles. "Pfizer and Seagen have now received all required regulatory approvals," Pfizer said in a news release that reported a key US antitrust waiting period had expired. "Pfizer expects to close the acquisition of Seagen on December 14." The big US drugmaker announced the transaction on March 13, pointing to Seagen's prominence in innovative cancer treatment. The purchase of Seagen "is good for patients in the batt...
AFP
Washington (AFP) - US drugmaker Pfizer on Friday said it would end a clinical trial of its developmental weight loss pill after high side effect rates caused most participants to stop using it. A twice-daily dosing of the highly anticipated drug danuglipron was found to be effective, resulting in weight reductions of between 8-13 percent at 32 weeks, compared to a placebo. But nearly three-quarters of trial participants experienced nausea, almost half had vomiting, and a quarter had diarrhea. Consequently, the discontinuation rate was greater than 50 percent, compared to 40 percent on placeb...
AFP
New York (AFP) - GlaxoSmithKline sued Pfizer on Wednesday over patent infringement, alleging the US drugmaker's RSV vaccine steals key elements of the British company's version. The case, filed in federal court in the state of Delaware, pits the producers of the only two approved vaccines for respiratory syncytial virus (RSV) against each other. The United States on May 3 approved GSK's Arexvy as the first vaccine for RSV; that was followed on May 31 with US approval of Pfizer's Abrysvo. Both vaccines have since been approved by the European Union. "Upon information and belief, Pfizer knowing...
AFP
New York (AFP) - Pfizer reported a steep drop in profits Tuesday on much lower Covid-related revenues as it curtailed its full-year sales outlook, in part due to tornado damage to a key manufacturing facility. Profits in the second quarter were $2.3 billion, down 77 percent as revenues fell 54 percent to $12.7 billion. Quarterly revenues for Pfizer's Covid-19 vaccine and Paxlovid therapeutic were $1.6 billion, far below the $16.9 billion in the year-ago period. The drugmaker pointed to a "few near-term individual product revenue" challenges as it trimmed its full-year sales forecast. These inc...
AFP
Washington (AFP) - US pharmaceutical giant Pfizer announced Monday that it had reached a deal to buy biotech firm Seagen, specializing in innovative cancer treatment, for $43 billion. Pfizer is offering $229 per share in cash, and the companies expect to complete the transaction later this year or in early 2024, they said in a statement. "Pfizer is deploying its financial resources to advance the battle against cancer," said Pfizer CEO Albert Bourla. "Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer's position in this important spa...
AFP
New York (AFP) - After two straight years of surging sales due to Covid-19 products, Pfizer projected a steep decline in 2023 revenues as demand for vaccines and therapeutics ebbs. The pharma giant expects about a 30 percent drop in company revenues this year as governments work off excess inventories of Pfizer's coronavirus-related products and consumer demand wanes in some markets. Sales for the vaccine Comirnaty and the Covid-9 therapeutic Paxlovid will reach a "low point" this year before rebounding somewhat in 2024, the company said. The hit means Pfizer expects 2023 revenues of between ...
AFP
New York (AFP) - Pfizer reported higher quarterly profits Tuesday as it lifted its full-year forecast for coronavirus vaccine sales and predicted Covid-19 would yield billions more in revenues for the forseeable future. The big US drugmaker now expects 2022 sales of the Comirnaty Covid-19 vaccine of $34 billion, up $2 billion from the prior outlook. Pfizer maintained its projection of $22 billion in annual sales for its Paxlovid therapeutic for Covid-19. More than two years into the pandemic, Chief Executive Albert Bourla predicted revenues for Covid-19 products would persist even though they...
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