finance

Switch from selling COVID-19 drugs on market rather than to governments continues to sting at Pfizer

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FILE – The Pfizer logo is displayed at the company’s headquarters, Friday, Feb. 5, 2021, in New York. Pfizer shares sank Friday, Dec. 1, 2023, when the drugmaker announced that it was abandoning a twice-daily obesity treatment after more than half the patients in a clinical trial stopped taking it. (AP Photo/Mark Lennihan, File) (ASSOCIATED PRESS)

Pfizer released a financial outlook for next year that that doesn’t match with Wall Street expectations as sales of COVID-19 products slide. Shares tumbled more than 7% before the opening bell Wednesday.

In October, the drugmaker reported quarterly losses of more than $2 billion as falling sales of COVID-19 products clipped revenue. Sales of Pfizer’s COVID-19 treatment Paxlovid and the vaccine Comirnaty slid 97% and 70%, respectively, during the quarter as Pfizer and other pharma companies switched to selling on the commercial market rather than to governments.

On Wednesday, the company said that it expects full-year revenue in 2024 of between $58.5 billion to $61.5 billion, short of the $62.7 billion that Wall Street was expecting, according to a survey of industry analysts by FactSet.

The New York drug maker’s profit expectations are well below what many had been expecting. Pfizer expects to post per-share earnings of between $2.05 and $2.25 next year. Wall Street was projecting earnings of around $3.17 per share.

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