Vials containing the Pfizer/BioNtech vaccine against coronavirus disease (COVID-19) are displayed before use at a mobile vaccine clinic in Valparaiso, Chile on January 3, 2022.
Rodrigo Garrido Reuters
Pfizer On Tuesday it issued sales guidance of $67 billion to $71 billion for 2023, a decline from 2022’s record-breaking results.
The drug company has booked $100.3 billion for the full year through 2022, an all-time high driven by more than $50 billion in sales of the Covid vaccine and antiviral.
Pfizer expects revenue to decline by up to 33% for 2023 compared to 2022 Epidemic Eases demand for its Covid portfolio slides. The company expects $13.5 billion in Covid vaccine sales by 2023 and $8 billion for Paxlovit.
Pfizer expects earnings of $3.25 to $3.45 per share in 2023, a 50% drop from its record $6.58 in 2022. The company reported net income of $31.4 billion in 2022, up 43% from 2021.
Pfizer shares fell 3% in premarket trading.
The drugmaker’s results for the fourth quarter largely met analyst expectations. The company posted net income of nearly $5 billion in the quarter, a 47% increase over the same period in 2021. It generated revenue of $24.3 billion in the quarter.
Here’s how the company fared in the fourth quarter compared to what Wall Street expected, based on an average of analysts’ estimates compiled by Refinitiv:
- Adjusted EPS: $1.14 vs. $1.05 expected
- Revenue: $24.3 billion vs. $24.28 billion
