Pfizer cuts earnings outlook on lower Covid-19 drug sales

NEW YORK, United States–The US pharmaceutical giant Pfizer sharply scaled back its earnings outlook for the year, blaming lower-than-expected sales of two drugs used to treat Covid-19, the company said Friday.

Earnings per share - the benchmark for the markets - should come in at between 1.45 and 1.65 dollars, compared with 3.25 to 3.45 dollars previously anticipated."Full-year 2023 revenues for Paxlovid and Comirnaty are expected to be approximately $12.5 billion, a decline of $9.0 billion versus original expectations," it added.

The company's shares were more than three percent lower in after hours trading at 5:30pm local time in New York .Test positivity rates, hospitalizations and deaths due to the virus are all down over the last week, according to CDC data.

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