Pfizer’s forecast for the sales of its COVID-19 vaccine (Comirnaty) and treatment (Paxlovid) in 2024 is $8 billion, falling over $5 billion short of the Wall Street consensus, according to an initial forecast released by the company. Analysts had expected combined sales of nearly $14 billion, with Comirnaty contributing $8.34 billion and Paxlovid $5.55 billion. Both products generated over $56 billion in sales in the previous year, with expectations of a decline in demand and a switch to selling through the commercial market.
In the third quarter, Pfizer reported a loss of more than $2 billion, citing a significant decline in sales of COVID-19 products. Sales of Paxlovid and Comirnaty dropped 97% and 70%, respectively, during the quarter. The transition to a commercial market requires the company to handle distribution to drugstores, negotiate with pharmacy benefit managers, and manage relationships with other payers.
Pfizer warned in October that sales of the vaccine and treatment were weaker than expected. The company’s full-year revenue forecast for 2024 is between $58.5 billion and $61.5 billion, falling short of the $62.7 billion expected by Wall Street analysts. Additionally, Pfizer’s profit expectations for 2024 are below market projections, with per-share earnings expected to be between $2.05 and $2.25, compared to Wall Street’s projection of around $3.17 per share.
In response to the forecast, Pfizer’s shares declined nearly 7% in premarket trading, reflecting concerns about the company’s performance and the evolving landscape for COVID-19 products. The challenges include shifting market dynamics, changing demand patterns, and the ongoing impact of the pandemic on global health strategies.