‘It’s A Very Different Story,’ Pfizer CEO Bourla Says Of Cuts To Match COVID Revenue

 
• By Jessica Merrill
  
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The company lowered Paxlovid and Comirnaty 2023 revenue projections by $9bn, announced plans for the commercial transition of the products, and revealed a cost-cutting plan.

cost cut
Pfizer announced a $3.5bn cost cutting program. • Source: Shutterstock

Pfizer Inc. delivered on a promise to investors to cut costs if sales of its two COVID-19 products, Comirnaty and Paxlovid, remain below expectations in the second half of the year. The company announced a plan to cut $3.5bn in costs and lowered revenue 2023 revenue expectations for the two products by $9bn in an announcement after market close on 13 October.

Key Takeaways

  • Pfizer announced a $3.5bn cost-cutting program and lowered COVID product revenues.

In a 16 October conference call, the company further detailed some of the changes to Wall Street, which include a...

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