COVID Vaccine sales collapse as Pfizer cuts costs

Pharmaceutical giant Pfizer said it plans a cost-cutting operation if its co-developed with BioTech COVID-19 vaccine and antiviral treatment for the coronavirus continue to underperform in the coming months due to falling demand.

According to the American company, more clarity on the future size of the COVID market will be available in the fall, when infection rates rise, Reuters reports.

Pfizer CEO Albert Bourla said this fall's COVID-19 vaccination rates should be a good predictor of what annual rates will look like going forward, such as if the company is able to launch a combination vaccine for coronavirus and flu or respiratory syncytial virus "this will increase vaccination rates".

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