Pfizer reports Q4 loss on lower sales

NEW YORK: Pfizer reported a fourth-quarter loss on Tuesday on lower sales but said the company was on track to reengineer itself to focus on new game-changing pharmaceuticals. The pharma giant reported a loss of $337 million for quarter ending December 31, compared with a loss of $394 million in the year-ago period. Revenues fell 9.2 per cent to $12.7 billion. Pfizer reported growth in several key drugs, including Eliquis, which prevents blood clots, and Xeljanz, which is used to treat rheumatoid arthritis and has been launched in some places to address ulcerative colitis. However, Pfizer said the drop in sales reflected an operational decline of $1.1 billion as other products faced competition from generics after losing patent protection. Shares of Pfizer fell 1.5 per cent to $39.56 in pre-market trading. — AFP