The collapse in demand for Covid drugs is significantly slowing down the US pharmaceutical company Pfizer’s business. Yesterday, the industry giant cut its sales forecast for the current year to between $58 and $61 billion. Revenues of $67 to $70 billion were previously expected. The decline is solely due to corona drugs, it was said.
Pfizer also recorded a $5.5 billion inventory writedown related to lower-than-expected demand. For the Covid drug Paxlovid alone, the group lowered its sales expectations by seven billion dollars. Pfizer now expects sales of its corona vaccine Comirnaty to be two billion dollars less.
Investors temporarily caused Pfizer shares to fall by around four percent in after-hours trading. Competitor Moderna’s paper fell by a similar magnitude.
