Pfizer Inc. (PFE) has reported a decline in revenue this year, as sales of its COVID-related products have started to fall. The pharmaceutical giant is currently undergoing a transitional phase as it steers away from its highly successful coronavirus vaccine and COVID antiviral drug, Paxlovid, now that the world displays indications of recovery from the pandemic.
While the U.S. Food and Drug Administration has authorized Pfizer’s updated COVID vaccines, the company expects only 24% of the U.S. population, or about 82 million people, to receive COVID-19 shots this year.
