Pfizer Inc (NYSE:PFE) reduced its full-year sales forecast by $1 billion following a decline in sales for Covid-related products.
The pharmaceutical firm faced challenges in the second quarter as sales of its Covid pill and other key products underperformed, raising concerns about the company's ability to achieve its full-year sales guidance of $21.5 billion.
During the second quarter of 2023, revenue dropped by 54% to $12.7 billion due to fading Covid demand, and other top sellers like Eliquis and Prevnar that also missed analyst estimates.
Pfizer's Covid products were previously major revenue generators during the pandemic, but the company now expects a shift towards health insurers paying for these products instead of governments. Comirnaty's sales were down 83% from a year ago, while Paxlovid's sales declined by 98%, significantly below Wall Street's expectations.
Despite the challenges, Pfizer maintains its adjusted earnings guidance for the year within a range of $3.25 to $3.45 per share, with revenue projected to be as much as $70 billion.
Pfizer's stock was flat at $36.05 on Tuesday morning ahead of the opening bell in New York.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas