Pfizer Amends U.S. Government Paxlovid Supply Agreement And Updates FY23 Guidance; Revises 2023 Revenue Guidance Range To $58B-$61B Vs $66.02B Est. Solely Due To Covid Products; Reduces Guidance For Paxlovid Revenues By ~$7B
Portfolio Pulse from Benzinga Newsdesk
Pfizer has revised its 2023 revenue guidance to $58B-$61B, down from $66.02B, due to changes in its Covid products. The company has amended its supply agreement with the U.S. government for Paxlovid, reducing its revenue guidance for the drug by $7B. Pfizer will commercialize Paxlovid in the U.S. starting January 1, 2024. The company also plans to launch a cost realignment program expected to deliver savings of at least $3.5B.
October 13, 2023 | 8:32 pm
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Pfizer's revised 2023 revenue guidance and changes in its Paxlovid supply agreement with the U.S. government could impact its stock price. The company's cost realignment program could also have an effect.
Pfizer's revised 2023 revenue guidance is lower than previously estimated, primarily due to changes in its Covid products. This could negatively impact investor sentiment and put downward pressure on the stock price. The company's cost realignment program, which is expected to deliver significant savings, could potentially offset some of this negative impact.
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