Pfizer Crashes After Slashing Profit Guidance By More Than Half On Collapsing Demand For Covid Meds

October 14, 2023

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Pfizer Crashes After Slashing Profit Guidance By More Than Half On Collapsing Demand For Covid Meds — *Image by János Korom Dr.*

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Pfizer just lobbed a legendary Friday evening bomb when it slashed its revenue and earnings forecasts for the year as it agreed to take returns from the US of its Covid antiviral Paxlovid amid collapsing demand.

Waiting patiently until after the market closed on Friday, the company said it now sees 2023 revenue of only $58 billion to $61 billion, down $9 billion from its previous estimate of $67 billion to $70 billion.

The drugmaker said adjusted EPS are now expected to be between $1.45 a share and $1.65 a share, down by more than half from its previous earnings forecast of $3.25 a share to $3.45 a share...

To read more visit Zero Hedge.

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