Pfizer slashed its full-year earnings and revenue guidance on Friday, as it said demand for its Covid products has waned.
The company now expects 2023 sales of $58 billion to $61 billion, down from its previous guidance of $67 billion to $70 billion. Pfizer said it cut its revenue outlook “solely due to its Covid products.”
The biopharmaceutical company slashed its full-year adjusted earnings guidance to a range of $1.45 to $1.65 per share, from a previous $3.25 to $3.45 per share.
Pfizer said it expects revenue from the Covid treatment Paxlovid to come in $7 billion lower than previously anticipated, in part due to the return of doses labeled for emergency use by the U.S. government. It also said it anticipates sales of its vaccine, Comirnaty, will be $2 billion lower than previously expected because of lower-than-expected vaccination rates.
Pfizer’s latest Covid booster became available in the U.S. last month, but the rollout has been rocky 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 for many people.
Pfizer shares fell more than 3% in extended trading Friday.