Pfizer Results

Pfizer surprised Wall Street with a prediction for a bigger-than-expected sales drop this year for two key products: its COVID-19 vaccine and treatment. The drugmaker also released an earnings forecast that is below analyst expectations, sending shares lower before the opening bell Tuesday. Pfizer expects sales of both the vaccine Comirnaty and the treatment Paxlovid to tumble next year before starting to rebound. That drop was expected as the drugmaker shifts from supplying government contracts to sales on the commercial market in the United States. But Pfizer said Tuesday that it expects Comirnaty sales to tumble 64% to about $13.5 billion this year. It predicts a 58% drop for Paxlovid to about $8 billion. Wall Street expects more than $14 billion in sales from Comirnaty and another $10.5 billion from Paxlovid, according to FactSet. Overall, Pfizer predicts that adjusted earnings will range between $3.25 and $3.45 per share in the new year. Analysts forecast earnings of $4.34

The report comes at the start of a busy week of US pharmaceutical earnings, with investors focusing on updates on the development of vaccines and treatments for the pandemic

Sales of Enbrel, which Pfizer sells outside the United States and Canada, tumbled about 19.5%