Pfizer on Tuesday posted a surprise adjusted fourth-quarter profit, as the company's declining Covid business performed better than expected.
The company reversed roughly $3.5 billion in revenue related to the expected return of 6.5 million doses of its Covid drug, Paxlovid, from the U.S. government.
That hit is less than the $4.2 billion Pfizer initially expected for the return of nearly 8 million doses of Paxlovid.
Pfizer's Covid vaccine raked in $5.36 billion in revenue for the quarter, down 53% from the same period last year.
For the fourth quarter, Pfizer booked a net loss of $3.37 billion, or 60 cents per share.
Persons:
Paxlovid, That's
Organizations:
Pfizer, U.S ., Analysts, LSEG
Locations:
U.S