Pfizer revised its 2023 revenue forecast to a range of $58 billion to $61 billion, down from the initial estimate of $67 billion to $70 billion, attributing the decline solely to its Covid product line.
The biopharmaceutical company also updated its adjusted earnings guidance, now anticipating a range of $1.45 to $1.65 per share, compared to the earlier projection of $3.25 to $3.45 per share.
Pfizer pointed out that Paxlovid, its Covid treatment, is expected to generate $7 billion less in revenue due to the U.S. government’s return of emergency-use doses. Additionally, sales of its Comirnaty vaccine are projected to be $2 billion lower than initially anticipated due to lower vaccination rates.
While Pfizer introduced its latest Covid booster in the U.S. recently, the rollout has faced challenges, including supply and insurance coverage issues. Reduced demand for Covid treatments has also been observed, as vaccinations and prior immunity result in milder cases for many individuals.
Following this announcement, Pfizer’s shares declined by over 3% in extended trading on Friday.
(Source: Jacob Pramuk | CNBC)
