Pfizer Announces Cost-Cutting Measures as Covid Vaccine and Antiviral Sales Decline
October 13, 2023
Pfizer has announced plans for a company-wide cost-cutting initiative this year and next due to expected decreases in sales of its COVID-19 vaccine and antiviral treatments. The U.S. government is returning large quantities of the antiviral drug Paxlovid, which has led Pfizer to predict a $7 billion year-on-year drop. Sales of its Covid vaccine, Comirnaty, are also anticipated to be $2 billion less than prior estimates. The reductions are intended to bring expenses aligned with Pfizer’s future revenue projections. Despite this, Pfizer still expects its non-Covid revenue to increase by 6% to 8% this year, and it may consider mergers and acquisitions to boost long-term sales.
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[Source: Endpoints, October 13th, 2023]
