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The big US pharma company, which has been credited with critical Covid-19 vaccines and Paxlovid therapeutic, described itself as on track with a transition to a post-pandemic environment that includes a heavy emphasis on new oncology products.
“We are encouraged by the strong performance of our non-Covid products in the fourth quarter of 2023, including significant contributions from new launches and robust year-over-year growth for several key in-line brands,” said chief executive officer Albert Bourla.
The drugmaker lost US$3.4 billion in the fourth quarter, compared with profits of US$5 billion in the year-ago period.
Revenues fell 41% to US$14.2 billion due to much lower Covid-19-related sales.
Pfizer reiterated its 2024 revenue forecast of US$58.5-US$61.5 billion after 2023 revenues came in at US$58.5 billion.
The company said it is on track with efforts to deliver at least US$4 billion in annual cost savings by the end of 2024.
However, Pfizer said its 2024 results will be reduced by US$0.40 per share in financing costs stemming from its acquisition of Seagen in December, which strengthens Pfizer’s oncology business.
Bourla said Pfizer expects 2024 launches of new products for advanced or metastatic bladder cancer and prostate cancer.
The company plans to hold an “Oncology Innovation Day” on Feb 29.
Shares of Pfizer rose 0.3% in pre-market trading.
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