Pfizer’s Dutch subsidiary, C.P. Pharmaceuticals International C.V., reported a profit of $11.4 billion for the fiscal year ending in November 2023. While this figure marks a sharp decline from the $19.9 billion recorded during the height of the COVID-19 pandemic, it underscores the company’s ability to remain highly profitable even as global vaccine demand diminishes.
Profit Trends Over the Past Five Years
| Fiscal Year (Dec-Nov) | Profit ($ Billion) |
|---|---|
| 2018-2019 | 11.9 |
| 2019-2020 | 14.3 |
| 2020-2021 | 18.7 |
| 2021-2022 | 19.9 |
| 2022-2023 | 11.4 |
C.P. Pharmaceuticals International C.V., which oversees Pfizer’s operations in approximately 60 countries, serves as a central hub for channeling profits globally. The decline in profitability aligns with a significant reduction in Pfizer’s global revenue, which fell from $74.4 billion in 2022 to $46.9 billion in 2023.
The primary drivers of this downturn include reduced demand for the Comirnaty vaccine and Paxlovid antiviral medication as the pandemic wanes. During the height of COVID-19, governments worldwide stockpiled these products, but as vaccination campaigns slowed, so did sales.
Continued Vaccine Distribution
Despite declining profits, Pfizer remains a key supplier of COVID-19 vaccines in many countries, including the Netherlands. In 2023, the Dutch government continued procuring vaccine doses. However, future sales are expected to shift from government contracts to commercial markets, particularly in lower-income nations where public sector purchasing has diminished.
Global Revenue and Sales Adjustments
Pfizer’s parent company noted a brief resurgence in Paxlovid sales in late 2023, especially in the United States, driven by a spike in COVID-19 cases during autumn. This uptick provided a temporary boost to revenues but is unlikely to offset the broader decline in pandemic-related product sales.
Future Outlook
As the world transitions out of the pandemic, Pfizer anticipates further changes in its sales dynamics. The company aims to adapt by focusing on long-term vaccine supply agreements and expanding its portfolio of non-COVID products.
Pfizer’s ability to generate billions in profit post-pandemic reflects its resilience and strategic positioning within the global pharmaceutical industry.
