By Sabela Ojea
Shares of Pfizer on Friday declined 3.5%, to $31.00, in after-hours trading after the company slashed its outlook for the year amid views for lower Covid-19 related revenue.
The healthcare giant said it now expects to end 2023 with an unexpected $9 billion drop in sales from its Covid-19 vaccine and anti-viral treatment Paxlovid.
The company has accepted returns of about 7.9 Paxlovid treatment courses from the U.S. government, it noted.
Pfizer is guiding for revenue of $58 billion to $61 billion for 2023, down from a prior forecast of $67 billion to $70 billion.
It also anticipated full-year adjusted earnings per share of $1.45 to $1.65, down from a prior range of $3.25 to $3.45.
Pfizer is targeting savings of at least $3.5 billion by the end of 2024, a restructuring plan that will come with layoff-related and implementation costs of $3 billion.
Write to Sabela Ojea at sabela.ojea@wsj.com
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