Pfizer Profit Crashes 44 Percent on Weak COVID-19 Vaccine Sales

Medical workers roll a trolley with boxes containing the Pfizer COVID-19 vaccine as Japan launches its inoculation campaign at the Tokyo National Hospital in Kiyose, Tokyo prefecture, on Feb. 17, 2021. Charly Triballeau/AFP via Getty Images

Pfizer’s profit plunged over 40 percent year over year in the first quarter, with the drugmaker blaming falling sales of its COVID-19 vaccine and antiviral treatment for the net income crunch.

In its first-quarter 2024 results, released on May 1, Pfizer reported total revenues of $14.9 billion, representing a revenue decline of 20 percent year over year from the $18.5 billion notched in the year-ago quarter.