Pfizer trims expectations for 2023 with sales of COVID-19 vaccine, treatment, weaker than thought

Published October 16, 2023 6:32 AM

By MICHELLE CHAPMAN
AP Business Writer

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. Pfizer Inc. now foresees 2023 revenue in a range of $58 billion to $61 billion. Its prior forecast was for $67 billion to $70 billion. It now projects full-year adjusted earnings between $1.45 and $1.65 per share due to lower-than-anticipated revenue for Covid-19-related products and inventory write-offs. The company previously expected $3.25 to $3.45 per share.

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