What impacted Pfizer's net profit most in 2024?

Pfizer's net profit in 2024 was impacted most significantly by the decline in revenue from its COVID-19 products, particularly COMIRNATY and Paxlovid. Despite a 12.67% net margin, the strategic moves to realign the cost base and the impact of the Inflation Reduction Act contributed to the challenges. The transition from a pandemic to a post-pandemic environment also affected demand for Pfizer's COVID-related products, leading to a 19% operational decline in total company revenues in the first quarter compared to the previous year. Additionally, the company faced challenges integrating Seagen and navigating the impacts of the Inflation Reduction Act on drug pricing and revenue. The overall impact of these factors contributed to the net income of $8.06 billion for the year, with the most significant impact coming from the decline in COVID-19 product sales.