Transition for Pfizer as Paxlovid sales stop dead in second quarter

While its work on the novel coronavirus swept Pfizer (NYSE: PFE) to the top of the world’s largest drugmakers by revenue, the firm must now find a way to manage a precipitous drop in sales, as countries move past the acute phase of the pandemic.

The New York-based giant’s second quarter 2023 financial results statement provides plenty for investors to get excited about, with income beating expectations at $2.3 billion, down 77% from the same period of 2022.

Many analysts had forecast higher revenues, however, with receipts from the coronavirus vaccine Comirnaty and antiviral Paxlovid (nirmatrelvir/ritonavir) dropping faster than expected.