Pfizer reports huge profits for third quarter of 2022

Image of the Pfizer logo on a sign. Credit: Pfizer

American pharmaceutical company Pfizer has reported huge profits for the third quarter of 2022.

 

A financial report published by the Pfizer pharmaceutical company this Tuesday, November 1, showed it had made a higher quarterly profit than first estimated. 

Albert Bourla, the Pfizer CEO predicted that revenues related to Covid-19 products would continue for the foreseeable future, although possibly at a lower level than in 2022.

Sales of the Covid-19 vaccine are expected to top $34 billion (€34.42b) by the end of this year. That would be an increase of $2 billion (€2.02b) from the original annual estimate. The originally projected figure of $22 billion (€22.27b) from sales of Paxlovid, its oral Covid-19 treatment, remained in place.

“We believe our Covid-19 franchises will remain multi-billion revenue generators for the foreseeable future, which should serve as a buffer for any unforeseen challenges with other products in our portfolio”, Bourla stated.

Mostly driven by the massive demand in the United States for the latest booster shot for the Omicron BA.4/BA.5-adapted bivalent vaccine, Pfizer’s latest quarterly report included an 83 per cent surge in Covid-19 vaccine revenues.

Pfizer reported overall third-quarter profits of $8.6 billion (€8.7b). That is an increase of six per cent from the corresponding period in 2021, as reported by insiderpaper.com.

The company is on course to launch another 19 new products in the next 18 months highlighted Bourla. These include treatments for migraine, ulcerative colitis, and respiratory syncytial virus (RSV) he added.

Bourla insisted that ‘understandable’ questions about Pfizer’s potential growth in the period from 2025 to 2030 should be alleviated by news of these new products that are in the pipeline. He pointed out Pfizer had made a substantial loss of  $17 billion in revenues due to patent expirations. In pre-market trading, Pfizer shares rose by 3.5 per cent.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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