Pfizer's Surprising Q3 Win: Paxlovid and Vaccines Boost Sales

Pfizer recently shared impressive Q3 results that overshot expectations, thanks to its Covid vaccine and antiviral pill, Paxlovid. The drug giant raised its earnings and revenue projections for the year. Despite the positive news, shares dropped by over 2%. Pfizer's CEO, Albert Bourla, is under pressure from activist investor Starboard Value, which believes the company mishandled its Covid profits and made poor investments. While Pfizer agreed with some of Starboard's concerns, they disagreed on others, like spending on business development. Paxlovid's sales spiked due to demand, especially in the U. S. , and a large order from the government. Pfizer's Covid vaccine sales also grew, though international demand dipped. Non-Covid products, especially cancer treatments from Seagen, also helped boost sales. Pfizer aims to cut costs and save $4 billion by year's end.