Pfizer cuts earnings outlook on lower Covid-19 drug sales

Pfizer cuts earnings outlook on lower Covid-19 drug sales

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.

It 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.

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.

The cut to Pfizer's guidance was "solely due to its COVID products," the company said.

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

Read also

Swiftonomics and Beyonce bump: how stars power economies

The company's shares were more than three percent lower in after hours trading at 5:30pm local time in New York (2130 GMT).

After a late summer surge, Covid-19 rates have since come down sharply.

Test positivity rates, hospitalizations and deaths due to the virus are all down over the last week, according to CDC data.

In the statement, Pfizer's chief executive, Albert Bourla, insisted that the company's non-Covid product portfolio is still on track for robust growth this year.

"Pfizer's non-COVID product portfolio remains strong, and we continue to expect these products to achieve year-over-year operational revenue growth in the range of 6% to 8% in 2023," he said.

da/mdl

© Agence France-Presse

New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.