Wall Street urged Pfizer to lower its COVID revenue estimates. The company did — but it's still betting on higher demand for its vaccine and antiviral by 2025.
Pfizer PFE updated its yearly sales guidance for Comirnaty, the COVID-19 vaccine it developed with BioNTech BNTX, saying it now expects $13.5 billion in revenue this year. The shot brought in $37.8 billion in 2022.
The drugmaker also lowered revenue expectations for its COVID antiviral, Paxlovid, to $8 billion for the year. That would be a 57% drop in year-over-year revenue compared with the $18.9 billion that the drug generated for Pfizer in 2022, which still came in much lower than the FactSet consensus of $22.2 billion.
However, Pfizer is still bullish on the longer-term potential of the company’s COVID franchise, with CEO Albert Bourla telling investors on Tuesday that he expects vaccinations begin to increase again in 2025 following somewhat flat usage of Comirnaty over the next two years. The company expects that about 65 million doses of Comirnaty will be administered in the U.S.
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