Pfizer (NYSE:PFE) experienced a more than 8% drop intra-day today following its forecast for the coming year, which fell short of analysts’ expectations. The pharmaceutical giant projects its revenue to be around $60 billion, plus or minus $1.5 billion, which is below the consensus of $63.1 billion.
This forecast includes an estimated $8 billion from its COVID-19 products, Comirnaty and Paxlovid, and about $3.1 billion from Seagen. Pfizer is on track to finalize the acquisition of Seagen on Dec 14.
The company’s adjusted diluted earnings per share (EPS) are expected to range between $2.05 and $2.25, significantly lower than the Street estimate of $3.16.
Despite this, Pfizer’s Chairman and CEO, Dr. Albert Bourla, remains optimistic about the company’s product portfolio. He anticipates that Comirnaty and Paxlovid will generate combined revenues of approximately $8 billion in 2024. Additionally, he expects the combined portfolio of Pfizer and Seagen products to see an operational revenue growth of 8% to 10% year-over-year.