Pfizer expects 2023 sales to decline by as much as 33% compared with record-breaking 2022 - CNBC | By The Perfect Enemy

In this article

• PFE

Vials containing the Pfizer/BioNtech vaccine against the coronavirus disease (COVID-19) are displayed before being used at a mobile vaccine clinic, in Valparaiso, Chile, January 3, 2022.

Rodrigo Garrido | Reuters

Pfizer on Tuesday issued sales guidance of $67 billion to $71 billion for 2023, a decline from its record-breaking 2022 results.

The pharmaceutical company booked $100.3 billion for full-year 2022, an all-time high driven by more than $50 billion in Covid vaccine and antiviral sales.

Pfizer expects revenue for 2023 to decline up to 33% compared with 2022 as the pandemic eases and demand for its Covid portfolio slides. The company expects $13.5 billion in Covid vaccine sales in 2023 and $8 billion in revenue for Paxlovid.

Pfizer is forecasting 2023 earnings of $3.25 to $3.45 per share, as much as a 50% drop from its record $6.58 in 2022. The company booked net income $31.4 billion in 2022, a 43% increase over 2021.

Pfizer’s stock fell 3% in premarket trading.

The drugmaker’s results for the fourth quarter largely met analyst expectations. The company booked net income of nearly $5 billion for the quarter, a 47% increase over the same period in 2021. It generated $24.3 billion in revenue for the quarter.

Here’s how the company performed compared with what Wall Street expected for the fourth quarter, based on analysts’ average estimates compiled by Refinitiv:

• Adjusted EPS: $1.14vs. $1.05 expected


• Revenues: $24.3 billionvs. $24.28 billion

CNBC Health & Science

Read CNBC’s latest global health coverage:

• Obamacare enrollment to open this spring for people losing Medicaid after pandemic protections end


• WHO says Covid remains a global emergency but pandemic could near its end in 2023


• CDC urges people with weak immune systems to take extra precautions after Covid subvariants knock out Evusheld


• FDA proposal would allow gay men in monogamous relationships to donate blood


• FDA withdraws Covid antibody treatment Evusheld because it’s not effective against 93% of subvariants


• FDA advisors recommend replacing original Covid vaccine with bivalent omicron shots for all doses


• FDA doesn’t see increased risk of stroke for seniors who received Pfizer’s omicron booster


• Omicron booster shots provide some protection against mild illness from Covid XBB subvariants, CDC says


• Abortion pill manufacturer GenBioPro sues West Virginia, argues FDA rules pre-empt state ban


• Bill Gates says no country ‘gets an A’ for its Covid pandemic response—including the U.S.


• FDA proposes new lead limits for baby food to reduce potential risks to children’s health

#Children, #Coronavirus, #Coverage, #Enrollment, #Medicaid, #Seniors, #Vaccines

---

Published on The Perfect Enemy at https://bit.ly/3HGRLFd.