Pfizer has posted a reported net loss of $2.38bn in the third quarter of 2023 compared to a net income of $8.61bn during the same period last year. 

For the quarter ended 1 October 2023, the company reported a diluted loss per share of $0.42. 

Revenues also saw a decline of 42% to $13.23bn from $22.63bn in the same quarter of the previous year.

Pfizer attributed the drop in revenues to the expected decline in global revenue generated by the Covid-19 products, Paxlovid and Comirnaty.

Paxlovid and Comirnaty revenues saw a 97% and 70% drop respectively against the same quarter of 2022.

Excluding Comirnaty and Paxlovid contributions, Pfizer’s revenues rose by 10%, or $1.1bn on an operational basis.

The rise was driven by Abrysvo’s revenues in the US, Nurtec ODT/Vydura, Oxbryta, the Vyndaqel family and the Prevnar family.

Pfizer chief financial officer and executive vice-president David Denton stated: “We are extremely pleased by the strong 10% operational revenue growth of Pfizer’s non-Covid products in the third quarter of 2023. 

“With expected contributions from our new product launches, this puts us squarely on track to meet our full-year non-Covid operational revenue growth target of 6% to 8%. 

“In addition, we launched our cost realignment programme, from which we expect to achieve at least $3.5bn of net cost savings by the end of 2024.”

In August 2023, the company announced a reported net income of $2.36bn for Q2 2023, indicating a 77% decline from $10bn in the same quarter of 2022.