On Tuesday, Pfizer (NYSE:PFE) announced its first quarterly deficit since 2019, attributing it primarily to charges associated with its COVID-related products, including the antiviral treatment Paxlovid and the Comirnaty vaccine, which it developed in collaboration with BioNTech.
For the third quarter, the company reported a Q3 adjusted loss Tuesday of $0.17 per diluted share, swinging from adjusted earnings of $1.78 a year earlier.
Analysts polled by Capital IQ expected a loss of $0.34 per share.
Revenue for the quarter was $13.23 billion, compared with $22.64 billion a year earlier.
Analysts surveyed by Capital IQ expected $13.43 billion.
For 2023, the company said it continues to expect adjusted earnings of $1.45 to $1.65 per diluted share. Analysts surveyed by Capital IQ expect $1.59. The company said it maintained its revenue projection of $58 billion to $61 billion for the year. Analysts polled by Capital IQ expect $59.82 billion.