Pfizer predicts bigger-than-expected sales drop for two key products ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 25
Pfizer surprised Wall Street with a prediction for a bigger-than-expected sales drop this year for two key products: its COVID-19 vaccine and treatment. The drugmaker also released an earnings forecast that is below analyst expectations, sending shares lower before the opening bell Tuesday. Pfizer expects sales of both the vaccine Comirnaty and the treatment Paxlovid to tumble next year before starting to rebound. That drop was expected as the drugmaker shifts from supplying government contracts to sales on the commercial market in the United States. But Pfizer said Tuesday that it expects Comirnaty sales to tumble 64% to about $13.5 billion this year. It predicts a 58% drop for Paxlovid to

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