Shares of Pfizer are falling before the opening bell as the company cut its full-year outlook, citing declining sales of its COVID-19-related products
FILE - The Pfizer logo is displayed at the company's headquarters, Friday, Feb. 5, 2021, in New York. Shares of Pfizer are falling before the market opened on Monday, Oct. 16, 2023, as the company cut its full-year outlook, citing declining sales of its COVID-19-related products.
Shares of Pfizer slipped more than 1% before the opening bell Monday and Moderna, which is heavily reliant on the competing vaccine it makes, slid nearly 5%. 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.
Pfizer is lowering its full-year revenue expectations for Paxlovid by approximately $7 billion. That number also accounts for delayed commercialization of the product, which was pushed to January 2024 from the company's previous expectation of commercialization in the second half of this year. Pfizer is also lowering its 2023 revenue expectations for Comirnaty by approximately $2 billion due to lower-than-expected vaccination rates.
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