Pfizer Shares Fall 3.5% as Lower Demand for Covid-19 Treatments Drives Outlook Cut

By Sabela Ojea


Shares of Pfizer on Friday declined 3.5%, to $31.00, in after-hours trading after the company slashed its outlook for the year amid views for lower Covid-19 related revenue.

The healthcare giant said it now expects to end 2023 with an unexpected $9 billion drop in sales from its Covid-19 vaccine and anti-viral treatment Paxlovid.

The company has accepted returns of about 7.9 Paxlovid treatment courses from the U.S. government, it noted.

Pfizer is guiding for revenue of $58 billion to $61 billion for 2023, down from a prior forecast of $67 billion to $70 billion.

It also anticipated full-year adjusted earnings per share of $1.45 to $1.65, down from a prior range of $3.25 to $3.45.

Pfizer is targeting savings of at least $3.5 billion by the end of 2024, a restructuring plan that will come with layoff-related and implementation costs of $3 billion.


Write to Sabela Ojea at [email protected]


Read the full article here