U.S. pharmaceutical giant Pfizer (PFE) has lowered its full-year earnings and revenue guidance as global demand for its Covid-19 vaccines and other products declines.
The company said it now expects 2023 sales of $58 billion U.S. to $61 billion U.S., down from previous guidance of $67 billion U.S. to $70 billion U.S.
In a news release, Pfizer said that it has cut its full-year forecast “solely due to Covid products.”
The company slashed its full-year adjusted earnings guidance to a range of $1.45 U.S. to $1.65 U.S. per share, down from previous guidance of $3.25 U.S. to $3.45 U.S. per share.
Pfizer said it now expects revenue from its Covid-19 pill Paxlovid to be about $7 billion U.S. lower than previously expected this year due to the return of unused doses by the U.S. government.
At the same time, the company anticipates sales of its Covid-19 vaccine, Comirnaty, to be $2 billion U.S. less that previously forecast due to declining vaccination rates worldwide.
Pfizer’s latest, updated Covid-19 booster shot became available in the U.S. last month, but the rollout has been hampered by supply and insurance coverage problems, said the company.
The stock of Pfizer has declined 26% over the last 12 months and currently trades at $32.11 U.S. per share.
