Pfizer Faces Losses

Pfizer CEO Albert Bourla laid out his plan Tuesday to keep the pharmaceutical giant growing through 2030, as the Covid-19 pandemic fades and the company faces generic competition for some of its blockbuster drugs.

Bourla said Pfizer is staring down an expected loss of between $16 billion and $18 billion in revenue from 2025 through 2030 as patent protections for some of its bestselling drugs expire. He acknowledged that some investors are skeptical of Pfizer’s future following two blockbuster years thanks to its Covid vaccine and antiviral treatment.

“We recognize that some are questioning Pfizer’s longer-term growth prospects,” Bourla told analysts during Pfizer’s third-quarter earnings call Tuesday. The company’s shares rose by about 3% Tuesday after it raised its 2022 earnings guidance in its third-quarter earnings report that beat Wall Street expectations. “We believe we not only can overcome these expected declines, but also can potentially generate strong growth through the end of the decade,” he said.

Source: Wall Street Journal