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Pam Eisele - 1
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☆ A Continuing Decline in Sales of COVID-19 Products Clips Revenue at Pfizer
  + stars: | 2023-10-31 | by ( Associated Press | Oct. | At A.M. | ) www.usnews.com   time to read: +2 min
Pfizer lost more than $2 billion in the third quarter as an expected COVID-19 product sales decline clipped revenue. Both the company and analysts who follow it expected revenue from those key products to tumble this year before eventually rebounding as commercial sales take hold. But two weeks ago, Pfizer Inc. warned that sales of its COVID-19 drugs were weaker than it had expected, and it cut its annual revenue expectations by $9 billion. Falling sales of both Paxlovid and Comirnaty also trimmed sales in the second quarter, but Pfizer said in August that it expected a rebound in the second half of 2023. Pfizer also had a revenue reversal of more than $4 billion in the third quarter.
Persons: Pam Eisele Organizations: Pfizer, Pfizer Inc, U.S ., New, FactSet, Analysts, Zacks Investment Research Locations: New York, _____
☆ The Pfizer-Seagen deal has a hidden $1 billion warning for workers
  + stars: | 2023-03-13 | by ( Yeji Jesse Lee | ) www.businessinsider.com   time to read: +2 min
While the deal bolsters Pfizer's cancer portfolio, it also mean cuts focused on "eliminating duplication"Pfizer said it is aiming for $1 billion in "cost efficiencies" within 3 years of the deal. Pharmaceutical giant Pfizer said on Monday that it would acquire drug developer Seagen in a massive $43 billion deal that would bolster its oncology portfolio. The acquisition is the largest biopharma deal since 2019 when AbbVie acquired Allergan for $63 billion, according to Stat News. Namely, Pfizer is aiming for $1 billion in "cost efficiencies" within three years of the deal closing, which could mean job cuts. Pfizer's deal for Seagen is expected to close in late 2023 or early 2024.
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