World News | Pfizer Sales Take a Hit During Pandemic

Fairless Hills (US), Jul 28 (AP) Pfizer reported a 32% plunge in second-quarter profit, mainly due to the global coronavirus pandemic limiting marketing of and new prescriptions for its medicines.

Pfizer had predicted in April that the virus would keep both patients and company sales representatives away from doctors and hospitals.

Also Read | Afghanistan President Ashraf Ghani Says Taliban Peace Talks Could Start 'In a Week's Time': Live News Breaking And Coronavirus Updates on July 28, 2020.

Still, the biggest US drugmaker by revenue posted a solid profit and nudged up parts of its 2020 financial forecast and reaffirmed the rest.

The New York company reported net income of $3.43 billion, or 61 cents per share, down from $5.55 billion, or 89 cents, a year earlier.

Also Read | ECB Urges Banks Not to Pay Dividends or Offer Bonuses Until January 1, 2021 to Survive Economic Crisis Amid COVID-19 Pandemic.

Revenue fell 11% to $11.8 billion, down from $13.26 billion in 2019's second quarter.

Adjusted income came to $4.4 billion, or 78 cents per share.

Pfizer raised its 2020 earnings-per-share forecast by 3 cents, to $2.85 to $2.95, and tweaked its full-year sales forecast, to a range of $48.6 billion to $50.6 billion, from its April forecast of $48.5 billion to $50.5 billion.(AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)