Pfizer forecast a sharp fall in annual sales in 2023 due to the easing of the pandemic and reduced contributions from its Covid-19 vaccine and antiviral medicine.
The US drugmaker said on Tuesday it expected to generate revenues of between $67bn and $71bn in 2023, down about a third from a record $100.3bn in the previous year. It forecast adjusted earnings in a range of $3.25 to $3.45 a share in 2023, well below analysts’ consensus estimates for earnings of $4.42.
Pfizer said reduced demand for Covid products would dent sales of its vaccine and antiviral treatment Paxlovid, which are forecast to fall to $13.5bn and $8bn this year respectively, compared with $37.8bn and $18.9bn in 2022.
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