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NEW YORK, Jan. 31 (AP) — Pfizer Inc surprised Wall Street by forecasting a larger-than-expected decline in sales of two of its main products this year, its COVID-19 vaccine and treatment.
The drugmaker also issued a profit forecast that fell short of analysts’ expectations, sending shares lower ahead of Tuesday’s open.
Pfizer expects sales of both the vaccine Comirnaty and the treatment Paxlovid to decline next year before rebounding.
The decline was expected as the drugmaker shifted from supplying government contracts to selling in the U.S. commercial market.
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But Pfizer said Tuesday it expects Comirnaty’s sales to fall 64 percent this year to about $13.5 billion.
It forecasts a 58% decline in Paxlovid to about $8 billion.
Wall Street expects Comirnaty to post sales of more than $14 billion and Paxlovid to post sales of $10.5 billion, according to FactSet.
Overall, Pfizer expects to report adjusted earnings per share in the range of $3.25 to $3.45 for the new year.
Analysts forecast EPS of $4.34.
In the recently ended fourth quarter, Pfizer booked nearly half of its $24.29 billion in revenue from its top-selling COVID-19 vaccine, Comirnaty.
The company received an additional $1.8 billion in funding from Paxlovid.
The drugmaker reported adjusted earnings of $1.14 per share.
Analysts were forecasting earnings of $1.05 a share on revenue of $24.38 billion in the fourth quarter, according to FactSet.
Shares of New York-based Pfizer fell nearly 3 percent, or $1.25, to $42.30 before the opening bell on Tuesday. (Associated Press)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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