Pfizer Cuts Full Year Guidance By $9 Billion

Covid-19 product sales are expected to dry up.

Pfizer said Friday it is cutting its guidance for the year by $9 billion due to changes in expected sales of its Covid-19 vaccine and treatment Paxlovid.

Pfizer lowered its guidance to between $58 billion and $61 billion from between $67 billion and $70 billion. The company is slashing its guidance for Paxlovid by $7 billion and the vaccine by roughly $2 billion. Pfizer previously said it expected $8 billion in Paxlovid sales this year and $13.5 billion from the vaccine.

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