Daily Management Review

Pfizer severely cut its 2023 profit and revenue outlook


Lower sales of anti-coronavirus medications have caused American pharmaceutical major Pfizer Inc. to decrease its financial projection for 2023.

The corporation projects its revenue for 2023 to be in the range of $58–61 billion instead of the $67–70 billion that was originally anticipated. The previously projected $3.25–3.45 estimate for adjusted profits per share was reduced to $1.45–1.65.

On average, FactSet's panel of experts predicted that the business would generate adjusted earnings per share of $3.29 on revenue close to $66 billion.

According to Pfizer, sales of the company's Paxlovid coronavirus medication will drop by $7 billion, while sales of the Comirnaty coronavirus vaccine will be $2 billion less than anticipated. A $5.5 billion non-cash loss will also be incurred by the corporation as a result of a write-down of the cost of anticovid medications because of lower-than-expected demand.

source: bloomberg.com