Pfizer Results

The market for pharmaceutical products used in managing Covid-19 has shrunk by billions of dollars a year, including for Pfizer's vaccines and treatments

The surge came after the company announced its fourth quarter results of financial year 2024 (Q4FY24) results

Shares of Pfizer are in retreat on the first day of trading after the drug company said sales of its COVID-19 vaccine and its coronavirus treatment are in less than expected and cut revenue expectations for the year by USD 9 billion. Falling sales of both clipped sales in the second quarter, but Pfizer said in August that it expected a rebound in the second half of 2023. Shares of Pfizer slid nearly 3 per cent before the opening bell Monday and Moderna, which makes a competing vaccine, slid as well. The company said Friday that global usage of Paxlovid is trending slightly above last year, but that it's still below expectations. The fall vaccination period just began and the New York City drugmaker said that it's too soon to get a handle on vaccination rates for the year. Full-year revenue for Paxlovid and Comirnaty is expected to be approximately USD 12.5 billion, short USD 9 billion of what it had expected. Pfizer is lowering its full-year revenue expectations for Paxlovid by .

Pfizer surprised Wall Street with a prediction for a bigger-than-expected sales drop this year for two key products: its COVID-19 vaccine and treatment. The drugmaker also released an earnings forecast that is below analyst expectations, sending shares lower before the opening bell Tuesday. Pfizer expects sales of both the vaccine Comirnaty and the treatment Paxlovid to tumble next year before starting to rebound. That drop was expected as the drugmaker shifts from supplying government contracts to sales on the commercial market in the United States. But Pfizer said Tuesday that it expects Comirnaty sales to tumble 64% to about $13.5 billion this year. It predicts a 58% drop for Paxlovid to about $8 billion. Wall Street expects more than $14 billion in sales from Comirnaty and another $10.5 billion from Paxlovid, according to FactSet. Overall, Pfizer predicts that adjusted earnings will range between $3.25 and $3.45 per share in the new year. Analysts forecast earnings of $4.34

The report comes at the start of a busy week of US pharmaceutical earnings, with investors focusing on updates on the development of vaccines and treatments for the pandemic

Sales of Enbrel, which Pfizer sells outside the United States and Canada, tumbled about 19.5%