This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ701AQ_L.jpg
The company has said it expects 2023 to be a low point for COVID product sales following strong demand at the peak of the pandemic before a potential return to growth in 2024.
“Clearly, there is a higher level of uncertainty regarding the demand projections for our COVID-19 products than for the rest of the business,” CEO Albert Bourla said.
Comirnaty sales declined 83% to $1.49 billion in the second quarter and antiviral treatment Paxlovid revenue tumbled 98% to $143 million.
That compared with analysts’ estimates of $1.40 billion for the vaccine and $1.08 billion for the pill.
However, the company maintained its forecast for annual COVID revenues at about $21.5 billion.
Pfizer also trimmed the upper end of its annual revenue forecast by $1 billion to $70 billion while retaining the low end at $67 billion. It left its profit forecast range unchanged at $3.25 to $3.45 per share.
Pfizer is also preparing for declining revenues in coming years as some of its top-selling drugs are soon set to face competition from cheaper generic treatments. The company has responded through billion-dollar acquisitions, headlined by the $43 billion deal for cancer-therapy specialist Seagen, as well stepped up spending on research and development.
Total revenue for the second quarter fell 54% to $12.73 billion, compared with analysts’ estimates of $13.27 billion, according to Refinitiv data.
Excluding items, Pfizer reported a profit of 67 cents per share, while analysts had expected 57 cents.
The company’s shares were down about 1% in premarket trading.
