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Pfizer Inc on Wednesday set out weaker than expected financial guidance for 2024, sending its stock lower.
Pfizer shares were 8.7% lower at $26.10 each in New York on Wednesday morning.
The New York City-based pharmaceutical firm expects 2024 revenue between $58.5 million and $61.5 billion. The outlook is short of the $63.17 billion, the average analyst estimate, according to data by LSEG, formerly known as Refinitiv.
It expects $8 billion in revenue for Covid-19 products Comirnaty and Paxlovid.
It expects adjusted diluted earnings per share in the range of $2.05 to $2.25.
For 2023, it still expects revenue of $58.0 billion to $61.0 billion, at worst a 42% fall from 2022, and an adjusted diluted EPS in the range of $1.45 to $1.65, up to a 78% decline.
The guidance for 2024 includes Seagen Inc. Pfizer on Tuesday said it expects to close the $43 billion acquisition of the Bothell, Washington-headquartered biotechnology firm on Thursday.
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