(Reuters) -Drugmaker Pfizer beat Wall Street estimates for the benefit of the fourth quarter Thursday, stimulated by cost reduction, a lower drop than sales of his COVVI -19 vaccine and high demand for his Vyndaqel heart medication .
After the immense success of his COVID-19 products during the pandemic, Pfizer had trouble convincing the shareholders that he can compensate for the potential loss of income of certain best-selling treatments which should be patented soon.
The company is also under pressure from investors about its recent acquisitions, including the purchase of $ 43 billion in cancer drugs, Seenen. The company has also turned to cost reduction measures that should help save more than $ 5 billion by 2027.
Pfizer’s shares increased by 2% in preliminary hours. The action dropped by almost 8% last year and is negotiated for less than half of its value at the top of the COVID-19 pandemic.
The quarterly sales of the therapy against Padcev cancer, acquired with Seenen, came to $ 444 million, against $ 440 million, according to data compiled by LSEG.
The styled products are always a profit engine for Pfizer.
Paxlovid antiviral treatment income was $ 727 million for the quarter, while Covid Vaccin Comirnaty made sales of $ 3.38 billion. Pfizer manufactures the Cournaty vaccine with the German partner Biontech.
Analysts expected quarterly sales of $ 794.33 million for Paxlovid and $ 3.10 billion for Cumirnaty.
Sales of his medication by heart disease, sold like Vyndaqel and Vyndamax, reached $ 1.55 billion, which is greater than $ 1.48 billion estimates.
On an adjusted basis, Pfizer won 63 cents per share for the fourth quarter, compared to the estimates of analysts of 47 cents per share.
(Report by Manas Mishra and Bhanvi Satija in Bengaluru and Michael Erman in New York; edition by Saumyadeb Chakrabarty)
