Pfizer 2023 Outlook Disappoints as Covid Business Drops Off. Company surpassed $100 billion in 2022 sales on Covid products.
Its 2023 sales guidance for its Covid pill Paxlovid was $8 billion, down 58% from the year prior and below the $9.2 billion expected by Wall Street
For 2023, Pfizer said it expects sales of around $13.5 billion for Comirnaty, down 64% from the year before and below the $16 billion forecast by analysts.
Pfizer expects sales of both the vaccine Comirnaty and the treatment Paxlovid to tumble next year before starting to rebound.
That drop was expected as the drugmaker shifts from supplying government contracts to sales on the commercial market in the United States.
Analysts forecast fourth-quarter earnings of $1.05 per share on $24.38 billion in revenue, according to FactSet.
Shares of New York-based Pfizer Inc. slid nearly 3%, or $1.25, to $42.30 before markets opened Tuesday.
Source ( Bloomberg ) Here
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