Pfizer posts quarterly loss as covid drug sales plummet after pandemic   

The pharmaceutical company, which employs 5,000 people in Ireland, said last week it would close two facilities in the US

Shares in pharmaceutical giant Pfizer have fallen 40% this year, mostly due to a decline in demand for products related to covid.

Pfizer's sales missed expectations for the quarter as its covid shot and pill continued to create instability for the drugmaker’s efforts to transition out of the pandemic.

A little more than two weeks after Pfizer shocked the market by cutting $9bn (€8.5bn) from its full-year sales guidance as a result of plummeting demand for its covid products, sales of its vaccine and pill once again disappointed. Investors have been looking for a floor in the company’s plummeting covid business after those products at one point nearly doubled its revenue.