New York
CNN
—
Pfizer generated about $57 billion in total revenue last year from the community. COVID-19 vaccine When paxlovid antiviralThis represents almost 60% of the company’s total revenue in 2022. But the boom seems to be over.
Pfizer
(PFE) told Wall Street on Tuesday it expects Covid-related sales to plummet to $21.5 billion this year … below Wall Street’s expectations.pfizer stock
(PFE) It rose slightly despite the news.BIONTECH
(BNTX)in partnership with Pfizer
(PFE) Vaccine manufacturing and sales also increased by about 1%.
But much of the problem with Pfizer and vaccine rival Moderna is
(mRNA)At the time, public health services were already well supplied with vaccines and pills to help prevent the spread of Covid and treat those infected with the virus.
The company also said it expects Paxlovid’s revenue from China to be zero after April 1, as the Chinese government has removed antiviral drugs from the list of reimbursable treatments as part of its national insurance program. It is woven.
Pfizer said it expects only $13.5 billion in vaccine sales this year and $8 billion in Paxlovid tablets. According to estimates tracked by Refinitiv, Wall Street expected his 2023 vaccine sales to hit $14.4 billion, while Pax Lovid expected him to hit $10.3 billion.
Pfizer reported Comirnaty’s revenue of $37.8 billion last year and revenue from Paxlovid of $18.9 billion.
Pfizer said in its earnings call that sales of Covid products are “expected to rise again in 2024 after reaching low levels in 2023.”
Still, as the world adjusts to the fact that Covid isn’t going away, Pfizer is looking to find a new blockbuster drug.
“Our focus has always been: Heading into 2023, we expect to set records again, with more new products and indications than ever before in such a short time. There is a possibility that the disease will be marketed.”
Pfizer has completed a series of acquisitions over the past several years to gain access to promising new medicines. We spent approximately $25 billion to acquire Biohaven Pharmaceuticals, Arena Pharmaceuticals and Global Blood Therapeutics.
Pfizer currently has several cancer and inflammatory disease treatments and a respiratory syncytial virus (RSV) vaccine in its pipeline.
But Wall Street is getting more and more impatient.
Pfizer shares are down more than 15% so far in 2023, following a 13% decline last year. The stock surged more than 60% in 2021 due to strong sales of the vaccine.
