Pfizer shares fell on Tuesday as the pharmaceutical giant said it expects sales of its Covid-19 vaccine and oral remedy to decline especially this year, as investors digest a compelling truth for Pfizer with stabilizing Covid cases and hospitalizations and government-subsidized injections.
Pfizer reported consistent earnings with a steady percentage of $1. 14 and an overall profit of $24. 3 billion over the last 3 months of 2022, well above analysts’ consensus estimates, but Pfizer’s forecast for next year is much more urgent for investors.
The company said it expects this year’s profits to fall around 30% to between $67 billion and $71 billion, with annual profits from its Covid vaccine and Paxlovid tablet expected to fall around 60% to $21. 5 billion in 2023.
Notably, Pfizer said it expects demand for its Covid vaccine to decline 29% to about 65 million doses in 2023, as the U. S. government declines in the U. S. government. U. S. He plans to avoid investing in the vaccine as he prepares to end the three-year public health emergency this spring.
Pfizer shares fell 1. 8% in early trading, while shares of Moderna, its Covid vaccine rival, fell 3. 1%.
Pfizer has long warned that it opposes easing demand for its covid treatments as the U. S. declines in the U. S. The U. S. is emerging from the worst of the pandemic. UBS analysts led by Colin Bristow downgraded Pfizer shares to unbiased last week, largely leading to an expected decline in covid sales. Remedies, nearly halving Covid 2023 earnings estimates from $34. 5 billion to $19. 4 billion. Pfizer said in October that it would increase the fee based on the dose of the Covid vaccine to between $110 and $130.
27 %. This is how Pfizer’s inventory has fallen from its December 2021 peak, worse than the S’s 13% drop.
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