2023-10-15 05:02:12
Pfizer cut its full-year earnings and revenue guidance last Friday, citing demand for its Covid products as waning.
The company now expects sales of $58 to $61 billion in 2023, down from its previous forecast of $67 to $70 billion. Pfizer said it lowered its revenue forecast “due solely to COVID-19 products.”
The biopharmaceutical company lowered its full-year adjusted earnings guidance to a range of $1.45 to $1.65 per share, from $3.25 previously to $3.45 per share.
Pfizer said it expects revenue from its Covid-19 treatment baxlovid to be $7 billion less than previously expected, partly due to the return of doses designated for emergency use by the US government. It also said it expects sales of its Commernati vaccine to be $2 billion lower than previously expected due to lower-than-expected vaccination rates.
Pfizer’s latest coronavirus booster became available in the United States last month, but its rollout has been difficult due to supply and insurance coverage issues. Fewer patients have also sought treatments for Covid than they did earlier in the pandemic, as vaccination and prior immunity lead to milder cases in many people.(cnbc)
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