- Home
- Medical news & Guidelines
- Anesthesiology
- Cardiology and CTVS
- Critical Care
- Dentistry
- Dermatology
- Diabetes and Endocrinology
- ENT
- Gastroenterology
- Medicine
- Nephrology
- Neurology
- Obstretics-Gynaecology
- Oncology
- Ophthalmology
- Orthopaedics
- Pediatrics-Neonatology
- Psychiatry
- Pulmonology
- Radiology
- Surgery
- Urology
- Laboratory Medicine
- Diet
- Nursing
- Paramedical
- Physiotherapy
- Health news
- Fact Check
- Bone Health Fact Check
- Brain Health Fact Check
- Cancer Related Fact Check
- Child Care Fact Check
- Dental and oral health fact check
- Diabetes and metabolic health fact check
- Diet and Nutrition Fact Check
- Eye and ENT Care Fact Check
- Fitness fact check
- Gut health fact check
- Heart health fact check
- Kidney health fact check
- Medical education fact check
- Men's health fact check
- Respiratory fact check
- Skin and hair care fact check
- Vaccine and Immunization fact check
- Women's health fact check
- AYUSH
- State News
- Andaman and Nicobar Islands
- Andhra Pradesh
- Arunachal Pradesh
- Assam
- Bihar
- Chandigarh
- Chattisgarh
- Dadra and Nagar Haveli
- Daman and Diu
- Delhi
- Goa
- Gujarat
- Haryana
- Himachal Pradesh
- Jammu & Kashmir
- Jharkhand
- Karnataka
- Kerala
- Ladakh
- Lakshadweep
- Madhya Pradesh
- Maharashtra
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Odisha
- Puducherry
- Punjab
- Rajasthan
- Sikkim
- Tamil Nadu
- Telangana
- Tripura
- Uttar Pradesh
- Uttrakhand
- West Bengal
- Medical Education
- Industry
Pfizer leaves COVID product forecast unchanged
Pfizer has been banking on sales of vaccine booster doses, including an Omicron-tailored version expected in the fall, to drive demand in the next few years.
New Delhi: Pfizer Inc did not raise its 2022 forecast for sales of its COVID-19 vaccine and antiviral treatment on Thursday, and its shares fell nearly 5% before recovering.
The U.S. drugmaker maintained its full-year forecast of around $54 billion for its COVID products, even as second-quarter sales of its Paxlovid antiviral pills were much higher-than-expected, raising concerns among some analysts over Pfizer's long-term growth prospects.
Paxlovid sales of $8.1 billion topped Wall Street estimates by more than $1 billion, as a surge in cases drove demand. U.S. President Joe Biden took a course of the drug for his recent bout with COVID.
The company also kept its overall sales forecast of between $98 billion to $102 billion unchanged, citing the impact of a strong dollar.
Pfizer has enjoyed an unprecedented rise in sales since the COVID-19 vaccine it developed with BioNTech rolled out globally. But sales have started to slow since last year.
Wall Street analysts are divided over the durability of both the vaccine and Paxlovid, as pandemic urgency wanes.
JP Morgan analyst Chris Schott in a research note said the long-term sustainability of Pfizer's COVID-19 business is up for debate, and that the company's ability to generate new drugs from its pipeline will be increasingly important for it to outperform expectations.
Pfizer has been banking on sales of vaccine booster doses, including an Omicron-tailored version expected in the fall, to drive demand in the next few years.
Pfizer and BioNTech last month signed a $3.2 billion deal with the U.S. government for 105 million doses of their vaccine, which includes supply of a retooled Omicron-adapted booster, pending regulatory clearance.
Overall sales of $27.74 billion for the quarter exceeded analysts' estimates of $25.74 billion.
Citi analyst Andrew Baum said the picture excluding the COVID business was less rosy, as sales of important products such as breast cancer drug Ibrance and arthritis treatment Xeljanz came in well below Wall Street estimates at $1.32 billion and $430 million, respectively.
COVID-19 vaccine sales rose 13% to $8.85 billion.
Pfizer's second-quarter profit rose to $9.91 billion from $5.56 billion a year ago. Excluding items, it earned $2.04 per share, topping analysts' estimates by 26 cents.
Pfizer shares were down 1.2% at $50.93
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751