Pharmaceutical giant Pfizer Inc. (NYSE: PFE) has revised its projected 2023 revenues downward, reflecting a decrease in demand for COVID-19 solutions. The new revenue projection falls between USD 58.0 billion and 61.0 billion, a significant adjustment from the previously anticipated range of USD 67.0 billion to 70.0 billion as reported in Q2 2023. This USD 9.0 billion correction is primarily attributed to an expected USD 2.0 billion drop in sales of the SARS-CoV-2 vaccine Comirnaty and a USD 7.0 billion decline for the antiviral Paxlovid (nirmatrelvir + ritonavir).
Impact of Commercialization Delays and Supply Agreement Amendments
The downward revision for Paxlovid is due to the commercialization of the antiviral being delayed until 2024, coupled with an amendment to a supply agreement with the US government. These factors have significantly influenced the company’s financial outlook for the year.
Positive Outlook for Pfizer’s Broader Portfolio
Despite the adjustments in COVID-19 related revenues, the remainder of Pfizer’s portfolio is poised for growth. The company anticipates a 6% to 8% year-on-year (YOY) revenue increase for 2023, demonstrating the resilience and diversity of its product offerings.
Upcoming Financial Report
Pfizer plans to release its full Q3 2023 financials on October 31, 2023, providing further insights into the company’s performance and strategic direction amidst the evolving healthcare landscape.-Fineline Info & Tech
