Pandemic hurts sales, profit for Pfizer amid restructuring

Connecticut Gov. Ned Lamont speaks at a press conference at Pfizer Groton on the companies research to develop a vaccine for COVID-19, Wednesday, July 22, 2020, in Groton, Conn. The federal government has agreed to pay nearly $2 billion for 100 million doses of a potential COVID-19 vaccine being developed by the U.S. drugmaker and its German partner BioNTech. (AP Photo/Stew Milne)

FAIRLESS HILLS, Pa. (AP) — Drugmaker Pfizer on Tuesday reported a 32% plunge in second-quarter profit, as the global coronavirus pandemic limited marketing of new prescriptions for its medicines. Still, the biggest U.S. drugmaker posted a solid profit and nudged up parts of its 2020 financial forecast. Pfizer earned $3.43 billion, or 61 cents per share. Revenue fell 11% to $11.8 billion. Pfizer is among the drugmakers leading the race to develop a safe, effective vaccine against the coronavirus. Late Monday it announced the start of a late-stage trial of an experimental COVID-19 vaccine that it’s developing with German partner BioNTech.