The pharmaceutical giant announced it recorded a write-off of $5.6 billion due to the drug Paxlovid and its vaccine, Comirnaty.
Paxlovid lost the company $4.7 billion, while the mRNA vaccine was responsible for $900 million in losses.
The company reported a quarterly revenue of $13.2 billion, which was down 42 percent from 2022’s second quarter.
According to CNBC, Pfizer’s COVID shots generated $1.31 billion in revenue from July to September.
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That is a 70 percent decrease when compared with the same period from the previous year.
Sales of Paxlovid, meanwhile, were down 97 percent year-over-year.
The drug maker agreed to take back nearly 8 million unused courses of Paxlovid from the U.S. government, along with its inventory of the vaccine, Reuters reported.
“One-time items include a non-cash revenue reversal of approximately $4.2 billion related to the return of an estimated 7.9 million treatment courses of U.S. government [emergency use authorization]-labeled Paxlovid expected in the fourth quarter of 2023 and a non-cash charge of $5.6 billion recorded to Cost of Sales in the third quarter of 2023 for COVID products inventory write-offs and other charges,” it said.
That charge included $4.7 billion for Paxlovid and $0.9 billion for Comirnaty.
Shares of Pfizer opened at $30.32 on Tuesday morning — down from a record high of more than $57 per share in December 2021.
Tuesday was the first time the company had reported losses since 2019, the year before the pandemic began.
