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Pfizer Profits Drop On Lower Covid-19 Product Sales

Pfizer Covid-19

Pfizer is steering investment to oncology and other drug areas to offset diminished sales in Covid-19 products (Credit: AFP)

Pfizer reported a drop in profits on lower sales of Covid-19 related profits Wednesday as it steers investments to other pharmaceutical areas and implements previously announced cost cuts.

Much lower sales of Covid-19 vaccine Comirnaty and therapeutic Paxlovid accounted for a 20 percent drop in first-quarter revenues to $14.9 billion compared with the year-ago period.

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