Pfizer Pharmaceuticals released a report documenting that its second-quarter earnings fell short of analysts' expectations. The company didn't meet its goals mainly due to the drop in sales of Covid-19-related products.
The company's chief financial officer, David Denton, announced that the company is working on a program to make cuts that focus on Covid-related products. However, the company expects higher revenue from these drugs in the second half of the year.
"If our Covid-19 revenues are less than what we assumed we are prepared to launch an enterprise-wide cost-improvement program," Denton said in a statement reported by The Irish Times.
Covid-19 vaccine sales fell by at least 83% in the second quarter. Meanwhile, sales of the antiviral drug, Paxlovid, decreased by 98%.
