Pfizer-BioNTech COVID-19 vaccine (Comirnaty) doses being prepared by a clinician. Photo / Getty Images
Pfizer-BioNTech COVID-19 vaccine (Comirnaty) doses being prepared by a clinician. Photo / Getty Images
Pfizer has reported another increase in revenue and profit for its local operation.
The US-based multinational saw its New Zealand revenue rise from $395.3 million to $424.9m for the 12 months to November 30, 2022, according to a filing released today.
Profit for the period increased from the year-ago $15.5mto $17.2m.
Cost of sales - primarily consisting of payments to its US parent - rose from $366.2m to $395.2m.
The pharmaceutical giant’s local operation continues to run well ahead of its pre-pandemic numbers. In 2019, Pfizer NZ reported a $302,000 net profit on $66.0m revenue.
Pfizer’s global first-quarter revenue and earnings, reported earlier this week, were down by nearly a third from a year ago on plummeting demand for its Covid-19 vaccine, though the results topped Wall Street expectations.
For the first three months of 2023, Prizer reported worldwide revenue of $18.28 billion, down 29 per cent from a year ago. Net profit fell 30 per cent to US$5.5b.
Sales of Pfizer’s Covid-19 vaccine, developed with BioNTech, fell 77 per cent as the world transitions to a phase of managing the virus and the national public-health emergency comes to an end.
Sales of Pfizer's Covid treatment pill Paxlovid more than doubled in the first-quarter, but are expected to fall for the full year. Photo / Getty Images
And while Pfizer more than doubled sales of its Covid treatment pill in the quarter, the firm expects full-year sales of the anti-viral to also decline.
Of Pfizer NZ’s 2022 revenue, the bulk - $364.3m - came from sales to the Government, up from $337.4m in 2021.
Pfizer shares were at US$38.89 in late trading. The stock touched US$58.71 at the height of the pandemic.
