Early this year, Pfizer told investors it expected to sell $21.5 billion worth of its Covid-19 products in 2023. No one believed it. Shares of Pfizer (ticker: PFE) fell 37.3% between the start of the year and the market close on Friday, even as the company announced a $43 billion acquisition and a sizable list of major new product launches. Good news for Pfizer came and went, but investors just kept on selling, fixated on the decline of the company’s massive Covid-19 revenue. Then on Friday, after the market closed, Pfizer ratcheted down its guidance for this year, to a combined $12.5 billion from its Covid-19 vaccine and therapeutic. The announcement was a major acknowledgment Wall Street had been right, and the company wrong, about the future of the Covid-19 franchise. While questions remain about how the Covid-19 products will perform next year, and in the years that follow, Pfizer’s

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our target by $3 to $40, 11.3x our 2024 EPS, below PFE’s 10-year historical forward P/E average. We lower our 2023 EPS view by $1.80 to $1.67 and lower our 2024 EPS estimate by $0.25 to $3.53. Pfizer cut its 2023 revenue and EPS guidance for the remainder of 2023, and we are revising our model to take into account the newly shared information regarding Covid-19-related products sales expectations for the rest of 2023. The main reason for the revision comes from an estimated 7.9M Paxlovid return by the U.S. government from the Emergency Use Authorization Use authorized inventory, which is expected to result in a $4.2B revenue reversal this year. The company is also taking into account lower expectations for the Covid-19 vaccine sales

Pfizer is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Pfizer said Friday it is cutting its guidance for the year by $9 billion due to changes in expected sales of its Covid-19 vaccine and treatment Paxlovid. Pfizer lowered its guidance to between $58 billion and $61 billion from between $67 billion and $70 billion. The company is slashing its guidance for Paxlovid by $7 billion and the vaccine by roughly $2 billion. Pfizer previously said it expected $8 billion in Paxlovid sales this year and $13.5 billion from the vaccine.

Pfizer Exec Says Co’s Research And Development In Oncology Remains Unchanged By Cost-Cut Program; Starting Negotiations With Payers On U.S. Commercial Prices For Covid Treatment Paxlovid.