Pfizer Inc. shares fell Tuesday, after the drugmaker posted fourth quarter earnings that surpassed analysts’ expectations while issuing a softer 2023 growth guidance amidst cooling off of its Covid treatments’ sales.
Pfizer’s adjusted earnings for the three months ending in December came in at $1.14 per share, beating the Street consensus forecast of $1.05 per share. Revenues climbed +2% year-over-year to $24.3 billion, in line with analysts' estimates.
For 2023 financial year, Pfizer expects revenue to decrease in 2023 by as much as 33% to a range of $67 billion to $71 billion as the world emerges from the pandemic. It projects around -64% decline in sales of its Covid vaccine (Comirnaty) to $13.5 billion, and -58% drop in sales of antiviral treatment Paxlovid to $8 billion.