Report 63: In Q3 2022, Pfizer Wrote Off $450 Million of Expired or Expiring COVID-19-Related Inventory.
Despite generating over $100 billion in revenue in 2022, Pfizer’s stock has dropped precipitously. Pfizer’s revenue was relatively flat, hovering between $41 billion and $51 billion, from 2014 to 2020. Then, its mRNA COVID-19 “vaccine” was awarded Emergency Use Authorization (EUA) by the Food and Drug Administration (FDA) on December 11, 2020. On its Q2 2021 earnings teleconference, Pfizer declared its “mRNA strategy” and presented its SARS-CoV-2 mRNA products, COMIRNATY® and Paxlovid®, to shareholders as “franchise” drugs. Pfizer went on to earn over $81 billion in revenue in 2021.
In Q1 2022, Q2 2022, and Q3 2022, Pfizer projected full year 2022 revenue guidance to exceed $102 billion, a company record. However, from Q2 2022 to Q3 2022, Pfizer’s revenue dropped by $5.1 billion, and it fell short of reaching over $102 billion in revenue.
In Pfizer’s 3rd Quarter 2022 10-9 report, there is a $450 million “write off of inventory related to COVID-19 products that have exceeded or are expected to exceed their approved shelf-lives prior to being used, which was recorded in the second quarter of 2022.”
Moreover, Pfizer announced to shareholders a Global Fund agreement to supply six million Paxlovid® courses at “not-for-profit prices for low- and lower-middle-income countries.”
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