Pfizer’s revenue dropped in the first quarter of 2023 primarily due to flagging COVID-19 vaccine sales.
The company reported $18.3 billion in revenue, down from $25.6 billion in the first quarter of 2022. Pfizer made just $7.1 billion from its COVID-19 vaccines and the COVID-19 pill after reaping more than $56 billion from the products in 2022.
The drop in COVID-19 product sales was expected, company officials said.
As Pfizer CEO Albert Bourla was expected to tell investors in an earnings call: “Our financial results were as we anticipated. Our non-COVID revenues grew 5 percent operationally compared with the year-ago quarter, while overall revenues declined 26 percent operationally primarily due to a previously communicated and expected decline in Comirnaty revenues.”…