Today's Pharma Tales Of Loss And Success: Pfizer Swings To A Quarterly Loss And Mainz Biomed Reports Positive Interim Screening Campaign Results

As it struggles to navigate the rapid decline of its Covid-19 fame, Pfizer Inc PFE reported a quarterly loss for the third quarter. On the other hand, Mainz Biomed NV MYNZ, a molecular genetics diagnostic company specializing in the early detection of cancer, announced positive interim results from its colorectal cancer screening campaign it made in partnership with the leading supplier of waste disposal vehicles and electric and hydraulic lifters in Europe.

Mainz Biomed Told A Story Of A Successful Campaign

Through its BGM partnership with Zöller-Kipper GmbH that was launched in April, Mainz Biomed got yet another affirmation of its flagship product, ColoAlert®, a user-friendly, at-home colorectal cancer (CRC) screening test. Almost half of Zöller-KipperGmbH’s employees in Germany participated in the screening program as part of a corporate health initative. Being the second most lethal form of cancer, early detection of CRC is key in improving survival rates and enhancing treatment. As part of its commitment to the BGM program and this employee CRC screening campaign, besides providing the potentially life-saving test, Mainz Biomed educated employees and physicians on CRC as well as provided recommendations for further action.

Pfizer Told A Story Of A Loss

For the third quarter, Pfizer reported revenues contracted 42% YoY to $13.2 billion after already lowering its annual forecast on October 13th. Dented by a $5.6 billion COVID 19-related inventory write-down in  therapeutic Paxlovid and vaccine Comirnaty, Pfizer swung to a loss of $2.4 billion from a profit of $8.6 billion it made during last year's comparable quarter. Adjusted loss per share amounted to 17 cents, which is better than the 34 cents loss that LSEG’s survey of analysts expected.Pfizer’s COVID-19 vaccine brought in sales of $1.31 billion as sales tanked 70% YoY, also below FactSet’s estimate of$1.53 billion. Paxlovid brought in $202 million in revenue that literally plummeted 97%, far below FactSet’s estimate of $613.5 million. Together, the products brought in $1.5 billion to the revenue table while only a year ago, they made $12 billion in sales.

But, Pfizer's Non-Covid Products Told A Different Story

Putting Covid aside, Pfizer's quarterly revenue expanded 10% operationally. Following solid third-quarter growth in non-Covid segments, Pfizer affirmed it is on track to reach its 2023 targets due to the recent government approvals of new medications, including approvals in the United States and Europe for Abrysvo that treats Respiratory Syncytial Virus (RSV) as well as for treatments for hair loss and lung cancer. Its 2023 sales guidance is in the range between $58 billion and $61 billion with full-year adjusted earnings in the range between $1.45 and $1.65 per share. Pfizer also undergoing a "cost realignment" initative that aims to bring in $3.5 billion in annual savings through 2024. The market is also eagerly waiting for updates on its $43 billion acquisition of cancer therapy maker Seagan that promises to bring in more than $10 billion in risk-adjusted sales by the end of the decade. Therefore, Pfizer promises to tell many more tales as it continues its relentless pursuit of revolutionary scientific breakthroughs to create a healthier world.

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