Pfizer cuts earnings outlook on lower COVID-19 drug sales

The US pharmaceutical large Pfizer sharply scaled again its earnings outlook for the 12 months, blaming lower-than-expected gross sales of two medicine used to deal with COVID-19, the corporate stated Friday.

It now “anticipates full-year 2023 revenues to be within the vary of $58.0 to $61.0 billion, versus its earlier steerage vary of $67.0 to $70.0 billion,” Pfizer introduced in an announcement.

Earnings per share—the benchmark for the markets—ought to are available in at between 1.45 and 1.65 {dollars}, in contrast with 3.25 to three.45 {dollars} beforehand anticipated.

The reduce to Pfizer’s steerage was “solely as a result of its COVID merchandise,” the corporate stated.

“Full-year 2023 revenues for Paxlovid and Comirnaty are anticipated to be roughly $12.5 billion, a decline of $9.0 billion versus unique expectations,” it added.

The sharp revision to anticipated gross sales of Paxlovid, an oral antiviral drug, and the COVID-19 vaccine Comirnaty despatched Pfizer’s inventory tumbling.

The corporate’s shares had been greater than three % decrease in after hours buying and selling at 5:30pm native time in New York (2130 GMT).

After a late summer season surge, COVID-19 charges have since come down sharply.

Take a look at positivity charges, hospitalizations and deaths as a result of virus are all down over the past week, in response to CDC knowledge.

Within the assertion, Pfizer’s chief govt, Albert Bourla, insisted that the company‘s non-COVID product portfolio continues to be on observe for strong progress this 12 months.

“Pfizer’s non-COVID product portfolio stays robust, and we proceed to count on these merchandise to realize year-over-year operational revenue progress within the vary of 6% to eight% in 2023,” he stated.

© 2023 AFP