Pfizer reported a steep drop in profits Tuesday on much lower COVID-related revenues as it curtailed its full-year sales outlook, in part due to tornado damage to a key manufacturing facility.
Profits in the second quarter were $2.3 billion, down 77% as revenues fell 54% to $12.7 billion.
Quarterly revenues for Pfizer's COVID-19 vaccine and Paxlovid therapeutic were $1.6 billion, far below the $16.9 billion in the year-ago period.
The drugmaker pointed to a "few near-term individual product revenue" challenges as it trimmed its full-year sales forecast.
These include U.S. approval for a drug combination for prostate cancer and a needed recommendation on the Abrysvo vaccine from the U.S. Centers for Disease Control and Prevention.
Pfizer also cited recent tornado damage to a North Carolina manufacturing facility as a drag on near-term results.
The tornado slammed Pfizer's Rocky Mount plant on July 19, which accounts for manufacturing nearly 25% of company sterile injectables.
Pfizer said most of the damage was to a warehouse, which stores raw materials and finished medicines awaiting release by quality assurance.
The pharmaceutical giant now expects full-year revenue growth of 6% to 8% in 2023, excluding COVID programs. That's down 1% from the prior range.
On COVID, Chief Financial Officer David Denton said the environment "continues to evolve rapidly and remains highly unpredictable," according to a company press release.
"In spite of this uncertainty the company is maintaining its focus on ensuring successful fall vaccinations during the respiratory infection season," Denton said.
Pfizer said its acquisition of biotechnology company Seagen remains on track. The company is in touch with regulators and expects the deal to close in late 2023 or early 2024.
Shares of Pfizer fell 1.2% to $35.64 in pre-market trading.
Copyright 2023, Agence France-Presse
