Pfizer Earnings Dragged Down by Weak Demand for Covid Products

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Pfizer swung to a loss and posted a sharp drop in quarterly sales, weighed down by soft demand for its Covid-related products.

The pharmaceutical giant posted a 70% drop in operational sales, adjusted for currency fluctuations, of its Covid-19 vaccine, ahead of the launch of new variant shots. Operational sales of the company’s Paxlovid treatment tumbled 97% ahead of the commercial transition of that drug.

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