Shares of Pfizer are falling before the opening bell as the company cut its full-year outlook, citing declining sales of its COVID-19-related products. Pfizer Inc. now foresees 2023 revenue in a range of $58 billion to $61 billion. Its prior forecast was for $67 billion to $70 billion. It now projects full-year adjusted earnings between $1.
FILE - The Pfizer logo is displayed at the company’s headquarters, Friday, Feb. 5, 2021, in New York. Shares of Pfizer are falling before the market opened on Monday, Oct. 16, 2023, as the company cut its full-year outlook, citing declining sales of its COVID-19-related products.
The company said Friday that global usage of Paxlovid is trending slightly above last year, but that it’s still below expectations.Booking a COVID-19 vaccine? Some are reporting canceled appointments or insurance issues Full-year revenue for Paxlovid and Comirnaty is expected to be approximately $12.5 billion, short $9 billion of what it had expected.
Pfizer Inc. now foresees 2023 revenue in a range of $58 billion to $61 billion, down from its prior forecast for $67 billion to $70 billion. It now projects full-year adjusted earnings between $1.45 and $1.65 per share due to lower-than-anticipated revenue for COVID-19-related products and inventory write-offs.
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