Pfizer Inc (PFE.N) on Tuesday forecast a steeper-than-expected drop in sales of its COVID-19 vaccine and pills in 2023, intensifying investor concerns over demand for the products as governments reduce orders.
The company’s shares fell 3.1% to $42.22 before the bell.
The forecast casts some uncertainty over future sales of Pfizer’s biggest selling products this year, which are expected to come under pressure as government spending on COVID vaccines and treatments declines.
The U.S. drugmaker said it expects sales of $13.5 billion from the vaccine for 2023, below Refinitiv estimates of $14.39 billion, and projected $8 billion in sales of its antiviral pill, Paxlovid, short of analysts’ expectation of $10.33 billion.
That compared with sales of $37.81 billion for the vaccine and $18.93 billion for Paxlovid in 2022.
The drugmaker has been hoping to offer its vaccine through the private market in the United States and other regions as government-backed vaccination campaigns for original shots near their end.