Pfizer cuts earnings outlook on lower Covid-19 drug sales

📆 2023/10/14 7:23:00
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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. The sharp revision to expected sales of Paxlovid, an oral antiviral drug, and the Covid-19 vaccine Comirnaty sent Pfizer's stock tumbling.

The US pharmaceutical giant Pfizer sharply scaled back its earnings outlook for the year, blaming lower-than-expected sales of two drugs used to treatIt now"anticipates full-year 2023 revenues to be in the range of $58.0 to $61.0 billion, versus its previous guidance range of $67.0 to $70.0 billion," Pfizer announced in a statement.

The sharp revision to expected sales of Paxlovid, an oral antiviral drug, and the Covid-19 vaccine Comirnaty sent Pfizer's stock tumbling.

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