Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs By Reuters

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<span>© Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS/Johanna Geron/File Photo</span><br />
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<p>(Reuters) -Pfizer on Friday slashed its full-year revenue forecast by around 13% and launched a $3.5 billion cost cutting program due to lower-than-expected sales of its COVID-19 vaccine and treatment.</p>
<p>The drugmaker said it now expects 2023 revenue of between $58 billion and $61 billion, down from it prior forecast of $67 billion to $70 billion. It said the reduction was solely due to lowered expectations for its COVID-19 products.</p>
<p>The cost cutting, targeting savings of at least $3.5 billion by the end of 2024, will include layoffs, the company said, without providing details on how many jobs will be cut or from what areas. </p>
<p>Shares of the New York-based company were down about 7% in extended trading.</p>
<p><span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Pfizer </span></span> (NYSE:) slashed its forecast for sales of its antiviral COVID treatment Paxlovid by about $7 billion, including a non-cash $4.2 billion revenue reversal, as it agreed to allow the return of 7.9 million doses purchased by the U.S. government. It had previously expected Paxlovid revenue of about $8 billion for the year.</p>
<p>The company also cut full-year revenue expectations for the COVID vaccine it shares with German partner BioNTech (NASDAQ:) by about $2 billion due to lower-than-expected vaccination rates. </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/pfizer-lowers-fullyear-revenue-forecast-shares-fall-3198683">Source link </a></p><p>The post <a href="https://forextraderhub.com/pfizer-slashes-2023-revenue-forecast-on-lower-covid-sales-will-cut-expenses-jobs-by-reuters.html">Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>