Pharmaceutical manufacturer Pfizer released its third quarter financial report on Tuesday, revealing the company experienced a smaller-than-expected adjusted loss in Q3.
Pfizer said much of the losses stem from the company’s $5.6 billion write offs for Covid products Paxvolid and Pfizer’s proprietary vaccine.
The company emphasized its adjusted full-year earnings and revenue expectations as a result of the low demand for its Covid products.
Pfizer shares stayed stagnant following the report’s release, though the company’s stock is down 40% for the year.
