Pfizer Cuts Full Year Guidance By $9 Billion
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Pfizer also said it would also take measures to save at least $3.5 billion through the end of 2024. (Photo by PASCAL POCHARD-CASABIANCA/AFP via Getty Images) (pascal pochard-casabianca/Agence France-Presse/Getty Images)
Covid-19 product sales are expected to dry up.
Pfizer said Friday it is cutting its guidance for the year by $9 billion due to changes in expected sales of its Covid-19 vaccine and treatment Paxlovid.
Pfizer lowered its guidance to between $58 billion and $61 billion from between $67 billion and $70 billion. The company is slashing its guidance for Paxlovid by $7 billion and the vaccine by roughly $2 billion. Pfizer previously said it expected $8 billion in Paxlovid sales this year and $13.5 billion from the vaccine.
