Pfizer COVID-19 Vaccine Sales Drop After CDC Narrows Guidance

Pfizer reported a decline in revenue on Nov. 4, which it primarily attributed to lower sales for the company’s COVID-19 vaccine, Comirnaty, and COVID-19 drug, Paxlovid.

The company said it made $16.7 billion in revenue in the third quarter, down 7 percent from Q3 2024.

“We saw solid contribution across our product portfolios … but it was more than offset by declines in Paxlovid and Comirnaty,” Pfizer Chief Financial Officer Dave Denton told investors in a call.

Sales of Paxlovid were down 55 percent, lowered by reduced COVID-19 infection rates across the world, executives said.

Sales of Comirnaty, one of four available COVID-19 vaccines in the United States, were down 20 percent, mainly due to the U.S. government’s narrower recommendations and a delay in approval of the latest version of the shot.

The Centers for Disease Control and Prevention stopped recommending COVID-19 vaccination for healthy children and pregnant women in May. In October, after the approval of newer versions of the vaccines, the CDC said people should consult a health care professional before receiving a shot.

Pfizer previously projected earning $9 billion from its COVID-19 products in 2025. That figure is has now reached $4 billion through three quarters.

Pfizer has made $45 billion so far in 2025 and is still predicting it will earn $61 billion to $64 billion for the year. The low end assumes only modest uptake for the COVID-19 products, Denton said.

“The COVID franchise is subject to big peaks and valleys,” he told investors. “If there happens to be a wave of COVID in the next several months, you can see utilization spike up.”

Growth products include Abrysvo, a vaccine against respiratory syncytial virus, and Padcev, a cancer treatment.

Albert Bourla, Pfizer’s CEO, said the company’s recent agreement with the U.S. government removes uncertainty regarding the costs of drugs and tariffs. The agreement saw Pfizer pledge to cut prices and invest in U.S. manufacturing in exchange for being exempted from tariffs for three years.

“Additionally, our recent strategic actions have strengthened opportunities to advance innovation that could address significant medical needs in high growth markets, helping us deliver value for patients and shareholders,” he said.

Those moves include a licensing agreement with China-based 3SBio for investigational cancer treatments and a proposed acquisition of Metsera, a New York-based firm that specializes in treatments for obesity.

Pfizer is in a bidding war with Novo Nordisk, a competitor, for Metsera. Novo Nordisk bid $10 billion, Metsera said on Tuesday. Pfizer has sued Novo Nordisk and Metsera, alleging breach of contract and other violations.