Pfizer’s full-year outlook has fallen short of Wall Street’s bullish expectations, sparking a sell-off in shares of the drugmaker that has been at the forefront of developing Covid-19 vaccines and treatment.
The US company said it expected to generate record revenues of between $98 and $102bn this year, driven by $32bn sales of its Covid vaccine and $22bn in sales of its antiviral pill. This was below consensus forecasts of $103.2bn, according to FactSet, with analysts expecting vaccine sales of $34bn in 2022.
Pfizer forecast earnings of $6.35 to $6.55 per share in 2022, below consensus forecasts of $6.71 per share when adjusted for acquisition-related costs and other significant items.
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