Coming off what CEO Albert Bourla, called 'a record year' Pfizer shared 2023 financial guidance projecting a steep drop in COVID-19 product sales.
According to Pfizer's financial outlook, the company's two main COVID products, the Comirnaty vaccine and Paxlovid antiviral, will reach "a low point in 2023 due to significant government supply on hand to start the year." Specifically, Pfizer expects Comirnaty revenues of approximately $13.5 billion, down 64% from 2022 and Paxlovid revenues of approximately $8 billion, down 58% from 2022.
In a pipeline snapshot posted today, Pfizer also revealed that it will discontinue phase 3 trials for blockbuster Paxlovid in standard risk populations and as a prophylactic treatment.
Despite the disappointing news, Pfizer expects 2023 revenues excluding COVID products to grow 7-9% operationally. With "potentially the largest number of new product and indication launches that we’ve ever had in such a short period of time" Bourla still expects 2023 to be a record-breaking year for the pharma giant. Among the most anticipated launches this year are Pfizer's RSV vaccine for older adults and its pentavalent meningococcal vaccine.
