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Pfizer (PFE) Q4 earnings report 2023

Pfizer on Tuesday posted a surprise adjusted fourth-quarter profit, as the company’s declining Covid business performed better than expected.

The company reversed roughly $3.5 billion in revenue related to the expected return of 6.5 million doses of its Covid drug, Paxlovid, from the U.S. government. That hit is less than the $4.2 billion Pfizer initially expected for the return of nearly 8 million doses of Paxlovid.

Pfizer’s Covid vaccine raked in $5.36 billion in revenue for the quarter, down 53% from the same period last year. Analysts had expected the shot to bring in $4.99 billion in sales, according to FactSet estimates.

The results come as Pfizer tries to blunt the rapid decline of its Covid business, which saw demand plummet to new lows and transitioned to the commercial market in the U.S. last year. As revenue suffers, the company is trying to improve its bottom line and…

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