Pfizer beats sales estimates on demand for older drugs

Pfizer in Ringaskiddy, Co Cork. Pfizer beat fourth-quarter sales estimates on strength from its older drugs as it races to fill gaps from its declining covid shot and pill franchises. Picture: Dan Linehan

Pfizer beat fourth-quarter sales estimates on strength from its older drugs as it races to fill gaps from its declining covid shot and pill franchises.

Pfizer battled to acquire obesity startup Metsera for as much as $10bn (€8.48bn) late last year in its quest to find new avenues for growth. The drugmaker released data early on Tuesday for one of Metsera’s drugs showing people on the medication lost up to 12.3% of their body weight compared to a placebo at 28 weeks. It’s the first reveal of monthly data for this drug and showed less frequent dosing could be possible.

Pfizer’s blockbuster franchises largely met expectations in the quarter. Sales from pneumonia vaccine Prevnar, which is facing new competition from MSD, were $1.7bn (€1.44bn), edging out estimates of $1.6bn. Sales of blood thinner Eliquis were $2bn (€1.7bn) and sales of heart drug Vyndaqel were $1.7bn, meeting expectations.

Many of Pfizer’s top drugs are under pressure. Prevnar and Vyndaqel are facing increased competition, and covid products don’t hold the allure they once did at the peak of the pandemic. The best-seller Eliquis is facing price cuts after it was selected for negotiations under the US Inflation Reduction Act.

The company’s shares were down 1.2% in early trading on Tuesday. Pfizer employs more than 4,500 people in Ireland at sites in Cork, Kildare, and Dublin.

For the quarter, covid sales were mixed but substantially down from the year prior. Covid-19 vaccine sales were $2.3bn, compared to estimates of $2bn, down by a third from a year ago. Sales of Pfizer’s covid treatment Paxlovid were $218m, compared to estimates of $589m, down by more than two-thirds when compared to the year before.

Pfizer chief executive Albert Bourla is looking to refocus Pfizer as demand for covid shots and treatments that caused sales to surge a few years ago fades.

Bloomberg