NEW YORK: The US pharmaceutical company Pfizer has cut its earnings outlook for the current year, because of lower-than-expected sales of two medicines used to treat Covid-19, the company said on Friday.
Pfizer in a statement said it now estimates full-year 2023 revenues to be in the range of $58.0 to $61.0 billion, as compared to its previous range of $67.0 to $70.0 billion.
It added the cut to Pfizer’s guidance was only due to its COVID products.
The statement said full-year 2023 revenues for Paxlovid and Comirnaty medicines are projected to be approximately $12.5 billion showing a decline of $9.0 billion.
The sharp review to expected sales of Paxlovid, an oral drug, and the Covid-19 vaccine Comirnaty sent Pfizer’s stock tumbling. After a late summer surge, Covid-19 rates have been sharply decreased.
According to CDC data test positivity rates, hospitalizations and deaths because of the virus are down over the last week.
In the statement, Pfizer’s chief executive, Albert Bourla, said that the company’s non-Covid product portfolio will contribute to a robust growth this year.
He said Pfizer’s non-COVID product portfolio remains very strong, and the company continue to expect these products to achieve year-over-year operational revenue growth of 6% to 8% in 2023.
