(Feb 3): Pfizer Inc beat fourth-quarter sales estimates on strength from its older drugs as it races to fill gaps from its declining Covid shot and pill franchises.
Pfizer battled to acquire obesity start-up Metsera Inc for as much as US$10 billion ($12.71 billion) late last year in its quest to find new avenues for growth. The drugmaker released data early on Tuesday for one of Metsera’s drugs showing people on the medication lost up to 12.3% of their body weight compared to a placebo at 28 weeks. It’s the first reveal of monthly data for this drug and showed less frequent dosing could be possible.
Pfizer’s blockbuster franchises largely met expectations in the quarter. Sales from pneumonia vaccine Prevnar, which is facing new competition from Merck & Co, were US$1.7 billion, edging out estimates of US$1.6 billion. Sales of blood thinner Eliquis were US$2 billion and sales of heart drug Vyndaqel were US$1.7 billion, meeting expectations.
Many of Pfizer’s top drugs are under pressure. Prevnar and Vyndaqel are facing increased competition, and Covid products don’t hold the allure they once did at the peak of the pandemic. The best-seller Eliquis is facing price cuts after it was selected for negotiations under the Inflation Reduction Act.
The company’s shares were down 1.2% in early trading on Tuesday.
For the quarter, Covid sales were mixed but substantially down from the year prior. Covid-19 vaccine sales were US$2.3 billion, compared to estimates of US$2 billion, down by a third from a year ago. Sales of Pfizer’s Covid treatment Paxlovid were US$218 million, compared to estimates of US$589 million, down by more than two-thirds when compared to the year before.
See also: Ford in talks with Geely to share European production capacity — reports
Uploaded by Tham Yek Lee
