With the lift from pandemic vaccine and drug sales over, Pfizer CEO bets on new drug approvals and deals.
The pandemic showered Pfizer with record sales. Now the end of the crisis is dragging the drugmaker down.
Its Covid-19 vaccine and drug powered Pfizer to more than $100 billion in sales last year, the first drugmaker to break the barrier. Shares soared, as Wall Street hailed the company for its savvy, fast and ultimately lucrative pivot to taking on the virus.
But many people have moved on from the pandemic. Sales from the two products dropped so much, so rapidly they contributed to Pfizer’s overall sales falling sizably in its most recent quarter compared with the period a year earlier. The company dialed back the top end of its expectations for the full-year performance.