Pfizer's stock plummets as data from the Covid antiviral trial fails to reveal earnings ahead of the start of Q1

Pfizer's stock plummets as data from the Covid antiviral trial fails to reveal earnings ahead of the ...

Pfizer (PFE) - Get Pfizer Inc. Reportshares fell on Monday after the pharmaceutical company posted disappointing late-stage findings from a Covid antiviral therapy, Paxlovid, late Friday ahead of its first quarter earnings later this week.

a study involving 3,000 adults with''household contacts'' that were infected by Covid failed to meet its primary objective, according to Pfizer, of reducing the overall risk of infection to the person taking the medication. Patients who took a five-day course of Paxloivd were 32% less likely to be infected, while those who took a ten-day course were 37% less likely.

Neither tally was''statistically significant,'' according to the company.

We envisioned the clinical development program for Paxlovid to be broad and ambitious with the aim of being able to assist combat Covid-19 in a very broad population of patients, according to CEO Albert Bourla. Although we are dissatisfied with this particular study, these findings do not impact the high incidence and safety information we collected in our earlier study on the treatment of Covid-19 patients at high risk of developing severe illness, and we are pleased to see the continued worldwide use of Paxlovid.

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Pfizer''s stock was reduced 5% in pre-market trading Monday to indicate an opening bell price of $48.34 each.

Pfizer predicted earlier this year that sales of its recently-approved Covid tablet Paxlovid would cost $22 billion, with Comirnaty vaccine sales expected to increase to $32 billion.

Pfizer said it will sell around 10 million of its Paxlovid therapy, which received an EUA approval from the Food & Drug Administration on December 22, to the United States Department of Health and Human Services.

The price of $530 per tablet is around 25% less than the $700 price agreed with Merck & Co. MRK in October to purchase 1.7 million doses its "molnupiravir" treatment of "mild-to-moderate Covid in adults who are at risk of developing severe form of disease or hospitalization.

Pfizer''s first quarter earnings will be published before the start of trading on Tuesday, with analysts looking for a profit of $1.47 per share on revenues of just under $24 billion.

Pfizer, looking into the 2022 financial year in February, said it expects adjusted earnings in the range of $6.35 to $6.65 per share, compared to Refinitiv''s $6.69 estimate, and revenues of between $98 billion and $102 billion.

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