Pfizer Inc. on Tuesday forecast a steeper-than-expected drop in sales of its COVID-19 vaccine and pills in 2023, intensifying investor concerns over demand for the products as governments reduce orders.
The company’s shares fell 3.1 percent to $42.22 before the bell.
The forecast casts some uncertainty over future sales of Pfizer’s biggest selling products this year, which are expected to come under pressure as government spending on COVID-19 vaccines and treatments declines.
The U.S. drugmaker said it expects sales of $13.5 billion from the vaccine for 2023, below Refinitiv estimates of $14.39 billion, and projected $8 billion in sales of its antiviral pill, Paxlovid, short of analysts’ expectation of $10.33 billion.
That compared with sales of $37.81 billion for the vaccine and $18.93 billion for Paxlovid in 2022.
The drugmaker has been hoping to offer its vaccine through the private market in the United States and other regions as government-backed vaccination campaigns for original shots near their end.
