WASHINGTON — Two years ago, Pfizer was the envy of the pharmaceutical world, with more than $100 billion in yearly sales from its COVID-19 vaccine and antiviral Paxlovid.
Today, CEO Albert Bourla is attempting to turn the page from that success story, which has turned into more of a monetary headache for the worldwide drugmaker.
Lofty expectations for continuing sales of vaccines and antivirals haveactually fallen brief, sendingout Pfizer’s stock rate toppling to about half of its peak throughout the pandemic. Bourla has reacted with a $4 billion cost-cutting effort, consistingof layoffs, and brand-new financialinvestments in drugs for cancer and weightproblems.
The shift hasn’t been simple. Company shares dropped onceagain in December when Pfizer stated it would desert its twice-a-day formula of an weightproblems tablet due to an unacceptably high rate of side results. The business continues to researchstudy a once-a-day variation.
Bourla spoke to The Associated Press about the business’s COVID-19 service and his efforts to relocation beyond it. The records hasactually been modified for length and clearness.
I think the 2 items you discussed will continue to be really crucial items for Pfizer duetothefactthat COVID-19 will continue to be crucial. And those items will continue offering the finest s