1. Scrip
  2. >>Business
  3. >>Strategy

‘It’s A Very Different Story,’ Pfizer CEO Bourla Says Of Cuts To Match COVID Revenue

 
• By Jessica Merrill

The company lowered Paxlovid and Comirnaty 2023 revenue projections by $9bn, announced plans for the commercial transition of the products, and revealed a cost-cutting plan.

cost cut
Pfizer announced a $3.5bn cost cutting program. • Source: Shutterstock

Pfizer Inc. delivered on a promise to investors to cut costs if sales of its two COVID-19 products, Comirnaty and Paxlovid, remain below expectations in the second half of the year. The company announced a plan to cut $3.5bn in costs and lowered revenue 2023 revenue expectations for the two products by $9bn in an announcement after market close on 13 October.

Key Takeaways
  • Pfizer announced a $3.5bn cost-cutting program and lowered COVID product revenues.
  • Revised 2023 guidance is $9bn lower than previously forecast, due entirely to Comirnaty and Paxlovid.
  • Paxlovid will transition to a commercial market in November

In a 16 October conference call, the company further detailed some of the changes to Wall Street, which include a plan to transition the sale of the oral antiviral Paxlovid to a commercial market in November

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required
Start Free Trial

Already a subscriber?

More from Strategy

Q1 S&E In Brief: Tracking New Launches And Catalysts In Biopharma

 
• By Jessica Merrill and Joseph Haas

Neurocrine, Madrigal and Vanda updated investors on new drug launches, while Cytokinetics talked to investors about an FDA extension for aficamten.

Pharma Left Hanging After US/UK Trade Pact

 
• By Kevin Grogan

An ‘historic economic prosperity deal’ does not include the sector.

Chinese Vaccine Makers Turn To Emerging Markets

 
• By Dexter Jie Yan

Chinese producers of novel vaccines are increasingly pivoting to developing markets overseas in the face of a collapse in their domestic sales.

Verastem Wins Approval For Novel Drug Combo In Rare Ovarian Cancer

 
• By Jessica Merrill

The novel RAF/MEK inhibitor and FAK inhibitor are the first treatment approved specifically for KRAS-mutated recurrent low-grade serious ovarian cancer (LGSOC).

More from Business

Finance Watch: Deerfield Closes $600m-Plus VC Fund; Gates Speeds Up Health Investments

 
• By Mandy Jackson

Private Company Edition: Deerfield’s third innovations fund will back therapeutics and other opportunities, the Gates Foundation – a sometimes funder of biotech firms – will spend $200bn over the next 20 years, and NewLimit raised a $130m series B round, among other financings.

Pharma Left Hanging After US/UK Trade Pact

 
• By Kevin Grogan

An ‘historic economic prosperity deal’ does not include the sector.

Viatris Will File ‘Fast-Acting’ Meloxicam For FDA Approval This Year

 
• By Joseph Haas

Seven years after acquiring it, Viatris will seek approval of a meloxicam formulation for acute pain backed by data from two Phase III studies in post-surgical pain settings.