Pfizer just lobbed a legendary Friday evening bomb when it slashed its revenue and earnings forecasts for the year as it agreed to take returns from the US of its Covid antiviral Paxlovid amid collapsing demand.
Waiting patiently until after the market closed on Friday, the company said it now sees 2023 revenue of only $58 billion to $61 billion, down $9 billion from its previous estimate of $67 billion to $70 billion.
The drugmaker said adjusted EPS are now expected to be between $1.45 a share and $1.65 a share, down by more than half from its previous earnings forecast of $3.25 a share to $3.45 a share. Some more details from the press release : Sees $5.5B Non-Cash Charge in 3Q From Covid Inventory Cuts 2023 Outlook for Paxlovid Revenue by About $7B
Cuts outlook for Comirnaty revenue by about $2.0 billion At the end of 2023, Pfizer […]
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