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Pfizer slashes full-year earnings and revenue guidance as Covid treatment, vaccine sales slump

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Pfizer said it anticipates sales of its Covid treatment Paxlovid and its vaccine will be $9 billion less than it had expected.

Pfizer slashed its full-year earnings and revenue guidance Friday as it sees demand for its Covid treatment and vaccine wane.The rollout of Pfizer's latest Covid booster has been rocky, and prior vaccination and infection has made cases milder than before for many people.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.Sign up for NBC DFW newslettersPfizer 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.

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Pfizer’s stock sinks after company cuts outlook on lower demand for COVID productsWallace Witkowski came to MarketWatch from the Associated Press in New York, where he covered the business of Big Pharma, after covering FDA regulation of many of the same companies, as well as medical devices, in the Washington, D.C., area.
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