The American pharmaceutical company Pfizer, known for its corona shots, has had a disappointing financial quarter. Due to the collapsed demand for vaccines, turnover fell by more than half in the second quarter.
As a result, Pfizer had to sharply adjust its turnover forecast for 2023 downwards by 1 billion dollars.
Total revenue in the quarter was $12.7 billion. That is 54 percent lower than in the same period a year earlier and below the expectations of market experts.
Pfizer was one of the first companies with a vaccine against the virus during the corona period. Americans made billions of dollars doing this. But the company has been missing out on that income for some time now. Pfizer now projects revenue to reach $70 billion this year. The company previously assumed 71 billion. The turnover in 2022 was still more than 100 billion dollars.
Earlier this year, the group acquired the American biotechnology company Seagen to offset the sales decline of the corona vaccine. The acquisition is valued at $43 billion. Pfizer wants to expand its cancer treatments with this.
