Pfizer CEO Albert Bourla spoke at a press conference held at the Pfizer facility in Puurs, Belgium. The conference was held after a visit to oversee the production of the Pfizer-BioNTech Covid-19 vaccine. The CEO addressed the company’s reduced earnings and revenue guidance, attributing the decline to the decrease in demand for its Covid products.
According to the latest update, Pfizer now forecasts sales of $58 billion to $61 billion for 2023, a significant reduction from the previous guidance of $67 billion to $70 billion. The company clarified that the downward revision is solely due to the performance of its Covid products.
Additionally, Pfizer has revised its adjusted earnings guidance for the full year. The new range is set at $1.45 to $1.65 per share, compared to the previous range of $3.25 to $3.45 per share.
Specifically, Pfizer expects lower revenue from its Covid treatment Paxlovid due to the return of doses labeled for emergency use by the U.S. government. This adjustment alone is projected to result in a $7 billion decrease in revenue. Furthermore, Pfizer anticipates lower sales for its vaccine, Comirnaty, as vaccination rates have not met expectations, leading to a $2 billion reduction in revenue.
It is worth noting that the rollout of Pfizer’s latest Covid booster in the United States has encountered challenges related to supply and insurance coverage. Additionally, the number of patients seeking Covid treatments has decreased compared to earlier stages of the pandemic due to vaccination efforts and prior immunity, resulting in milder cases for many individuals.
Following the announcement, Pfizer’s shares dropped more than 3% in extended trading on Friday.
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