The American pharmaceutical company Pfizer, known for its corona shots, suffered a loss of billions in the third quarter. This was mainly due to collapsed demand for its coronavirus vaccines.
The group suffered a loss of 2.4 billion dollars in the past quarter. In the same period last year, the listed group recorded a profit of $8.6 billion. Total revenue plummeted 42 percent to $13.2 billion last quarter.
Due to the slump in demand, Pfizer had to write down $5.6 billion on its stocks of vaccines and the corona drug Paxlovid.
During the corona period, Pfizer was the first company with a vaccine against the virus, which was developed together with the German BioNTech. The Americans earned many billions from this. But the company has been missing out on that income for some time now.
The group recently warned of disappointing profits and turnover throughout 2023, partly due to the decreased enthusiasm for booster shots.