Pfizer sales take hit during pandemic

FAIRLESS HILLS, PENNSYLVANIA (AP) — Pfizer reported a 32 per cent plunge in second-quarter profit, mainly due to the global coronavirus pandemic limiting marketing of and new prescriptions for its medicines.

Pfizer had predicted in April that the virus would keep both patients and company sales representatives away from doctors and hospitals.

Still, the biggest United States (US) drugmaker by revenue posted a solid profit and nudged up parts of its 2020 financial forecast and reaffirmed the rest.

The New York company reported net income of USD3.43 billion, or 61 cents per share, down from USD5.55 billion, or 89 cents, a year earlier. Revenue fell 11 per cent to USD11.8 billion, down from USD13.26 billion in 2019’s second quarter.

Adjusted income came to USD4.4 billion, or 78 cents per share.

Pfizer raised its 2020 earnings-per-share forecast by three cents, to USD2.85 to USD2.95, and tweaked its full-year sales forecast, to a range of USD48.6 billion to USD50.6 billion, from its April forecast of USD48.5 billion to USD50.5 billion