Health
Covid medicines not in demand: Pfizer lowers annual forecast
The Pfizer headquarters in Elsene near Brussels. photo
© Nicolas Maeterlinck/BELGA/dpa
Because demand for corona drugs is lower than expected, the pharmaceutical company is tweaking its numbers. And it’s not just Pfizer that’s going downhill.
The collapse in demand for Covid drugs is slowing down the US pharmaceutical company’s business Pfizer clearly. Yesterday, the industry giant cut its sales forecast for the current year to between $58 and $61 billion. Revenues of $67 to $70 billion were previously expected. The decline is solely due to corona drugs, it was said.
Pfizer also recorded a $5.5 billion inventory writedown related to lower-than-expected demand. For the Covid drug Paxlovid alone, the group lowered its sales expectations by seven billion dollars. Pfizer now expects sales of its corona vaccine Comirnaty to be two billion dollars less.
Investors temporarily caused Pfizer shares to fall by around four percent in after-hours trading. Competitor Moderna’s paper fell by a similar magnitude.