Pfizer Inc. (PFE) is dealing with weakening demand for its COVID antiviral treatment Paxlovid and the COVID vaccine. Due to the weakening demand for its COVID-related products, the company recorded an adjusted loss per share of $0.17 in the third quarter, while its $13.23 billion revenue missed the analyst-expected figure of $13.34 billion.
However, PFE is looking to shift its focus away from COVID-19 to other growth opportunities. The company’s CEO, Albert Bourla, noted that the company is nearing its target of launching 19 new products or drug indications in an 18-month span. It is also focusing on acquisitions, such as a $43 billion acquisition of drug-making company Seagen, as well as cost-cutting measures.
