Pfizer Inc. missed revenue estimates for the second quarter as sales of its Covid pill fell drastically short of expectations, causing the company to shave $1 billion off of its full-year sales forecast.
Pfizer’s second quarter revenue of $12.7 billion were down 54% from a year ago, which the company attributed to fading demand for the shot Comirnaty and antiviral Paxlovid as the pandemic wanes.
Comirnaty’s second quarter sales of $1.49 billion were in line with analysts’ estimates but Paxlovid’s quarterly sales of $143 million, far below Wall Street’s expectations for $843 million in revenue.
The drugmaker said that sales excluding those Covid products rose 5%.
Adjusted earnings for the year will be in a range of $3.25 to $3.45 a share, in line with prior guidance. Revenue will be as much $70 billion, down from a former estimate that topped out at $71 billion.
