Pfizer, the well-known US pharmaceutical company, continues to face pressure from activist investor Starboard. Despite facing a significant decline in sales of its COVID-19-related products, the third quarter of 2024 delivered a positive surprise in the form of results that beat market expectations.
Sales of Paxlovide, the antiviral Pfizer $PFE developed to treat COVID-19, exceeded Wall Street expectations, contributing to the company's positive stock performance.
Pfizer reported third-quarter sales of $17.70 billion, which was more than expected ($14.96 billion). This positive result was mainly boosted by sales of Paxlovide, which generated $2.7 billion in the period, while analysts had predicted sales of only $456.4 million.
The company's CEO, Albert Bourla, said in prepared statements that demand for Paxlovide has stabilized and is closely related to each wave of COVID-19. He also added that strong commercial performance and higher infection rates contributed to the better-than…