Pfizer shares have fallen 6.8% in pre-market trading after it forecast revenue and earnings below analyst expectations.
The pharmaceutical giant said sales will reach $58.5 billion to $61.5 billion in 2024, including the contribution from Seagen, with the midpoint lower than the $62.9 billion average expected by Wall Street analysts.
It sees adjusted earnings of $2.05 to $2.25 a share, well below the average estimate of $3.21.
Pfizer expects around $8 billion in revenue from its Covid-19 vaccines Comirnaty and Paxlovid and around $3.1 billion from newly acquired, Seagen.
It expects full-year 2024 operational revenue growth of 8%-10% including Seagen and excluding Comirnaty and Paxlovid revenue, and 3%-5% excluding both Seagen and Comirnaty) and Paxlovid revenue.
It said enterprise-wide cost realignment program is now expected to deliver annual net cost savings of at least $4.0 billion, an incremental $500 million versus the mid-point of guidance provided in August.