Health Care

Jefferies analyst Akash Tewari upgrades Pfizer (NYSE:PFE) from Hold to Buy and raises the price target from $38 to $39.

Wells Fargo analyst Mohit Bansal maintains Pfizer (NYSE:PFE) with a Equal-Weight and lowers the price target from $39 to $35.

Pfizer Sees 2023 Adj EPS $1.45-Adj EPS $1.65.

Pfizer: Launches Enterprise-Wide Cost-Realignment Program Expected to Deliver Targeted Savings of at Least $3.5 Billion.

Pfizer Backs 2023 Non-Covid Product Operational Revenue Up 6%-8%.

Pfizer Inc Says FY23 Revenues For Paxlovid And Comirnaty Are Expected To Be ~$12.5B.

Pfizer (PFE) on Friday lowered its 2023 earnings and revenue forecasts to account for changes in its supply agreement for Paxlovid with the US government. The revenue guidance was lowered to $58 billion to $61 billion from $67 billion to $70 billion previously, and full-year adjusted earnings per share are expected at $1.45 to $1.65 compared to $3.25 to $3.45 previously, the company said. Paxlovid is an oral COVID-19 medicine that was granted emergency use authorization by the US Food and Drug Administration in 2021 and a full nod in May 2023. In a change announced Friday, the US government is returning an estimated 7.9 million treatment courses of the emergency use authorized-labeled Paxlovid which will result in a non-cash revenue reversal of $4.2 billion, the company said. The lowering of the financial guidance reflects those changes, as well as a delay in the commercialization of Paxlovid to January from

Pfizer was already expecting lower revenues from Paxlovid before the company amended its agreement with the U.S. government. The pharmaceutical company says it expects $7 billion less in revenue from Paxlovid for 2023 compared with prior guidance as it accepts unused doses of the anti-viral pill from the government and reverses associated revenues. The company was already forecasting Paxlovid revenues to drop 58% in 2023 to $8 billion, part of a broader slowdown in its Covid-19 business.

Pfizer Chief Executive Albert Bourla expects the revised government contract for Paxlovid will help the pharmaceutical giant adjust to demand for Covid-19 products. Pfizer has seen slumping revenues from its Covid-19 vaccines and treatments, but the company’s new agreement with the government to take back unused Paxlovid courses will allow Pfizer to better predict demand, Bourla says. The revised deal will see Pfizer reverse a sizable chunk of revenue but will allow the company to quickly pivot to a commercial rollout of Paxlovid. Bourla says the company will now be able to better predict vaccine and treatment utilization going forward.