The collapse in demand for COVID medication is significantly slowing down the US pharmaceutical company Pfizer’s business.
On Friday, 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. The company lowered its sales expectations by seven billion dollars for the COVID drug Paxlovid alone. Pfizer now expects sales of its corona vaccine Comirnaty to be two billion dollars less.
Investors sent Pfizer shares down 3.71 percent to $30.92 in after-hours NYSE trading. Competitor Moderna’s paper fell by a similar magnitude. BioNTech also came under pressure and lost 2.02 percent to $101.49 on the NASDAQ after hours.
NEW YORK (dpa-AFX)
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