U.S. drugmaker Pfizer (PFE) has reported mixed second-quarter earnings due to a steep decline in sales of its Covid-19 vaccine.
The New York City-based company reported Q2 revenue of $12.73 billion U.S., down 54% from a year earlier.
Excluding sales of the company’s Covid-19 vaccine and its Covid-19 antiviral pill called Paxlovid, revenue at Pfizer grew 5% year-over-year during Q2.
Sales of Pfizer’s Covid-19 medications totaled $1.6 billion U.S. in the quarter, down sharply from a year ago.
Despite the revenue decline, Pfizer managed to post earnings per share (EPS) of $0.67 U.S. versus $0.57 U.S. a share that had been forecast by analysts who cover the company.
In terms of forward guidance, Pfizer lowered its 2023 sales forecast to a range of $67 billion U.S. to $70 billion U.S., down from a previous outlook of $67 billion U.S. to $71 billion U.S.
Pfizer reiterated its full-year earnings outlook of $3.25 U.S. to $3.45 U.S. per share.
The company said it is in a transition period as it navigates its post-pandemic boom in Covid-19 vaccine sales. Pfizer said a robust pipeline of new medications should help it find new areas of growth moving forward.
Pfizer’s stock has declined nearly 30% over the last 12 months to trade at $36.06 U.S. per share.
