code pictureImage Credit source: AFP
The profit of Pfizer, one of the world’s largest pharmaceutical companies, has fallen in the first quarter of 2023 i.e. January-March. Although it has been better than the expectations of the market. During the Corona period, the company’s vaccine ‘Comirnati’ was in great demand in America, whose sales are now decreasing. Although the company says that it is on the right track and its profit will improve in 2023.
The decline in the sale of the company’s corona vaccine is believed to be a major reason for the softening of its profit. At the same time, the company is going to introduce a series of new products in 2023. With this, the company is expected to get its sales back on track.
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Earnings fell 30 percent
Pfizer’s net income fell 30 percent to $ 5.54 billion in January-March. The company earned $1.23 per share. The total revenue of the company has also fallen by 29 percent to $ 18.3 billion.
The sale of the company’s corona vaccine has declined by 77 percent. It has now reduced to just $3 billion, which was $13 billion in the same quarter of 2022.
Pneumonia vaccine will be launched
The company’s CEO, Albert Borula, says that the company has received tremendous profits in recent years due to the sales that took place during Kovid-19. Now that it is declining, the company is going to launch many new products to overcome it. one of the pneumonia vaccines Prevnar Is. This vaccine will be given to children which will protect them from pneumonia disease.
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Will bring migraine medicine
The new product of the company will also include medicine for migraine. its name Zavzpret Will happen. The company’s focus is also on developing drugs for the treatment of cancer. In March itself, the company had announced the acquisition of biotech company Cezanne for $43 billion.