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Pfizer Profit Falls 32% as Global Trial of Coronavirus Vaccine Candidate Begins

A woman walks past a sign outside Pfizer Headquarters in the Manhattan borough of New York City. (Reuters)

The US drugmaker said net income fell to $3.43 billion, or 61 cents per share, in the quarter, from $5.05 billion, or 91 cents per share, a year earlier.

Reuters
Last Updated: July 28, 2020, 4:53 PM IST

Pfizer Inc reported a 32% fall in second-quarter profit on Tuesday due to a dip in demand for some of its drugs from the COVID-19 pandemic and from rising competition, as the company and partner began a global study into a vaccine candidate to fight the health crisis.

The US drugmaker said net income fell to $3.43 billion, or 61 cents per share, in the quarter, from $5.05 billion, or 91 cents per share, a year earlier.

Sales fell to $11.80 billion from $13.26 billion.

Pfizer and German biotech BioNTech drugmaker said on Monday they would begin a pivotal global study to evaluate their lead COVID-19 vaccine candidate.