Pfizer cut its full-year earnings and revenue guidance on Friday, as it said demand for its Covid products had waned.
The company now expects sales of $58 to $61 billion in 2023, down from its previous forecast of $67 to $70 billion. Pfizer said it lowered its revenue forecasts solely because of its COVID-19 products.
The biopharmaceutical company lowered its full-year adjusted earnings guidance to a range of $1.45 to $1.65 per share, from the previous $3.25 to $3.45 per share.
Pfizer said it expects revenue from its COVID-19 treatment baxlovid to be $7 billion less than previously expected, in part due to the return of doses designated for emergency use by the U.S. government. It also said it expects sales of its Commernati vaccine to be $2 billion lower than previously expected due to lower-than-expected vaccination rates.
Pfizer's latest coronavirus booster became available in the U.S. last month, but its rollout has been difficult due to supply and insurance coverage issues. Fewer patients have also sought treatments for Covid than they did earlier in the pandemic, as vaccination and prior immunity lead to milder cases in many people.
Pfizer shares fell more than 3% in extended trading on Friday.
