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EARNINGS-Pfizer third-quarter sales fall on lower demand for pain drugs

Credit: REUTERS/Carlo Allegri

Pfizer Inc on Tuesday reported a 4.3% drop in third-quarter sales, hurt by increased competition for its off-patent pain drug Lyrica and lower demand for some of its treatments during the COVID-19 pandemic.

Adds details on sales, background

Oct 27 (Reuters) - Pfizer Inc PFE.N on Tuesday reported a 4.3% drop in third-quarter sales, hurt by increased competition for its off-patent pain drug Lyrica and lower demand for some of its treatments during the COVID-19 pandemic.

In the third quarter, Pfizer said Lyrica sales fell 33% to $352 million. Total sales fell to $12.13 billion from $12.68 billion a year ago.

As the COVID-19 pandemic crimps demand for certain Pfizer therapies and damages global economies, investors are keenly focused on seeing late-stage study data of the vaccine candididate being developed by Pfizer and German partner BioNTech SE 22UAy.F.

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(Reporting by Manas Mishra in Bengaluru; Editing by Bernard Orr)

((Manas.Mishra@thomsonreuters.com; www.twitter.com/Manasmishra24; within U.S. +1 646 223 8780, outside U.S. +91 806749 2709;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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