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Pfizer profit falls 32% as global trial of COVID-19 vaccine candidate begins

Credit: REUTERS/CARLO ALLEGRI

Pfizer Inc reported a 32% fall in second-quarter profit on Tuesday due to a dip in demand for some of its drugs from the COVID-19 pandemic and from rising competition, as the company and partner began a global study into a vaccine candidate to fight the health crisis.

July 28 (Reuters) - Pfizer Inc PFE.N reported a 32% fall in second-quarter profit on Tuesday due to a dip in demand for some of its drugs from the COVID-19 pandemic and from rising competition, as the company and partner began a global study into a vaccine candidate to fight the health crisis.

The U.S. drugmaker said net income fell to $3.43 billion, or 62 cents per share, in the quarter, from $5.05 billion, or 91 cents per share, a year earlier.

Sales fell to $11.80 billion from $13.26 billion.

Pfizer and German biotech BioNTech BNTX.O drugmaker said on Monday they would begin a pivotal global study to evaluate their lead COVID-19 vaccine candidate.

(Reporting by Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila)

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

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