Covid hangover: Pfizer reported revenues of £11.9bn for the first three months of 2024
US drugs giant Pfizer posted a drop in sales in a post-Covid vaccine slump.
It reported revenues of £11.9billion for the first three months of 2024, down a fifth year-on-year, as it tries to regain its footing after the rapid decline of its Covid business.
Sales of the vaccine fell 88 per cent to £283million. But shares rallied on Wall Street as bosses lifted a key profit metric by 5 per cent for 2024, amid ‘confidence’ in its business and ability to slash costs.
It said it was on track to deliver at least £3.5billion in savings this year.
The company has also put a greater focus on cancer treatments after snapping up drugmaker Seagen for £34billion last year.
Excluding Covid products, revenue for the first quarter climbed 11 per cent.
But sales of its vaccine for protection against respiratory syncytial virus (RSV) fell short.
Dr Albert Bourla, the chief executive, said that a well-executed quarter was ‘setting the tone for the year’.
Pfizer’s value soared during the pandemic after it launched a Covid vaccine but retreated as lockdowns were lifted.
Today it has a market cap of around £116billion, less than half of its pandemic-era peak at the end of 2021.
