World News | Switch from Selling COVID-19 Drugs on Market Rather Than to Governments Continues to Sting at Pfizer
Get latest articles and stories on World at LatestLY. Pfizer released a financial outlook for next year that that doesn't match with Wall Street expectations as sales of COVID-19 products slide. Shares tumbled more than 7 per cent before the opening bell on Wednesday.
New York, Dec 13 (AP) Pfizer released a financial outlook for next year that that doesn't match with Wall Street expectations as sales of COVID-19 products slide. Shares tumbled more than 7 per cent before the opening bell on Wednesday.
In October, the drugmaker reported quarterly losses of more than USD 2 billion as falling sales of COVID-19 products clipped revenue. Sales of Pfizer's COVID-19 treatment Paxlovid and the vaccine Comirnaty slid 97 per cent and 70 per cent, respectively, during the quarter as Pfizer and other pharma companies switched to selling on the commercial market rather than to governments.
On Wednesday, the company said that it expects full-year revenue in 2024 of between USD 58.5 billion to USD 61.5 billion, short of the USD 62.7 billion that Wall Street was expecting, according to a survey of industry analysts by FactSet.
The New York drug maker's profit expectations are well below what many had been expecting. Pfizer expects to post per-share earnings of between USD 2.05 and USD 2.25 next year. Wall Street was projecting earnings of around USD 3.17 per share. (AP)
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