{"id":72622,"date":"2023-10-14T14:51:12","date_gmt":"2023-10-14T18:51:12","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/pfizer-slashes-revenue-forecast-on-lower-covid-sales-will-cut-costs\/"},"modified":"2023-10-14T14:51:16","modified_gmt":"2023-10-14T18:51:16","slug":"pfizer-slashes-revenue-forecast-on-lower-covid-sales-will-cut-costs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=72622","title":{"rendered":"Pfizer slashes revenue forecast on lower COVID sales, will cut costs"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo<\/span>
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By Michael Erman<\/p>\n

(Reuters) -Pfizer on Friday slashed its full-year revenue forecast by 13% and said it will cut $3.5 billion worth of jobs and expenses due to lower-than-expected sales of its COVID-19 vaccine and treatment.<\/p>\n

Pfizer <\/span><\/span> (NYSE:) earned record revenue in 2021 and 2022, topping $100 billion last year, after developing its vaccine Comirnaty with German partner BioNTech SE (NASDAQ:) and antiviral treatment Paxlovid on its own. Last year, revenue from those two products exceeded $56 billion.<\/p>\n

But annual vaccination rates have dropped sharply since 2021 and demand for treatments has dipped as population-wide immunity has increased from vaccines and prior infections. Pfizer and rivals have begun selling an updated COVID vaccine for this fall.<\/p>\n

“We remain proud that our scientific breakthroughs played a significant role in getting the global health crisis under control,” Pfizer CEO Albert Boura said in a statement. “As we gain additional clarity around vaccination and treatment rates for COVID, we will be better able to estimate the appropriate level of supply to meet demand.”<\/p>\n

The drugmaker said it now expects 2023 revenue of between $58 billion and $61 billion, down from its prior forecast of $67 billion to $70 billion. It said the reduction was solely due to lowered expectations for its COVID-19 products. <\/p>\n

Pfizer said it will take a non-cash charge of $5.5 billion in the third quarter to write off $4.6 billion of Paxlovid and $900 million of inventory write-offs and other charges for the vaccine.<\/p>\n

The cost-cutting program, which will target savings of at least $3.5 billion annually by the end of 2024, will include layoffs, the company said, without providing details on how many jobs will be cut or from what areas. One-time costs to achieve the savings are expected to be around $3 billion.<\/p>\n

Shares of the New York-based company were down about 7% in extended trading.<\/p>\n

Pfizer slashed its forecast for sales of its antiviral COVID treatment Paxlovid by about $7 billion, including a non-cash $4.2 billion revenue reversal, as it agreed to allow the return of 7.9 million courses purchased by the U.S. government. It had previously expected Paxlovid revenue of about $8 billion for the year.<\/p>\n

Pfizer said that under a deal with the U.S. government, a credit for the returned Paxlovid doses will underwrite a program to supply the drug free-of-charge to uninsured and underinsured Americans through 2028 and to patients insured under the government’s Medicare and Medicaid programs through the end of next year.<\/p>\n

Pfizer will also provide the U.S. government 1 million courses of Paxlovid for the Strategic National Stockpile.<\/p>\n

The company expects the drug will become commercially available to people with private insurance in Jan. 1.<\/p>\n

Pfizer also cut full-year revenue expectations for the COVID vaccine by about $2 billion due to lower-than-expected vaccination rates. <\/p>\n

Pfizer said its non-COVID products remain on track to achieve 6% to 8% revenue growth year over year in 2023.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo By Michael Erman (Reuters) -Pfizer on Friday slashed its full-year revenue forecast by 13% and said it will cut $3.5 billion worth of jobs and expenses due to lower-than-expected sales of its COVID-19 […]<\/p>\n","protected":false},"author":1,"featured_media":11558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-72622","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nPfizer slashes revenue forecast on lower COVID sales, will cut costs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. 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