On Tuesday, Pfizer reported a drop in third-quarter profits as lower sales of its Covid-19 products offset gains in other medications.
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AFP reports: Profits were $3.5 billion, a 21 percent decrease from the same period last year. Revenue dipped six percent to $16.7 billion.
The major U.S. pharmaceutical company, which has been navigating a significant decline in revenues related to the virus, cited lower infections of the virus across the United States and internationally compared to last year.
The company also experienced a 20 percent fall in vaccine revenues after U.S. officials in the Trump administration narrowed guidance for receiving the shots in the United States.
Under Health and Human Services Secretary Robert Kennedy, the Trump administration recommended that only people with higher-risk conditions get a Covid vaccine if they are between the ages of five and 64.
Lower sales of products related to the pandemic were partially offset by gains in other products. These include Eliquis, used to treat blood clots, and the migraine drug Nurtec.
Pfizer confirmed its full-year revenue forecast and slightly raised its profit outlook.
However, Pfizer's profits were also affected by a $1.35 billion charge related to an agreement with 3SBio for exclusive rights to commercialize a cancer medication being tested in China.
Pfizer is engaged in a takeover battle with Novo Nordisk for the purchase of Metsera, an obesity treatment manufacturer. Last week, the Danish pharmaceutical giant announced an unsolicited bid for Metsera that topped Pfizer’s $4.9 billion merger agreement.
Since Novo Nordisk went public with its offer on October 30, Pfizer has filed two US lawsuits against Metsera and Novo Nordisk.
Shares of Pfizer dipped 0.9 percent in premarket trading.