Pfizer Updates FY23 Adjusted Diluted EPS Guidance Ranges To Be In The Range Of $1.45-$1.65 Versus Its Original Guidance Range Of $3.25-$3.45 Vs $3.30 Est
Portfolio Pulse from Benzinga Newsdesk
Pfizer has revised its FY23 adjusted diluted EPS guidance to $1.45-$1.65, down from the original range of $3.25-$3.45. The company also anticipates full-year 2023 revenues to be $58.0 to $61.0 billion, a decrease from the previous guidance of $67.0 to $70.0 billion. This is due to lower-than-expected revenues from its COVID products, Paxlovid and Comirnaty. Pfizer also recorded a non-cash charge of $5.5 billion due to inventory write-offs for these products. However, the company expects to deliver approximately $1.0 billion in savings in 2023 through its cost realignment program.
October 13, 2023 | 8:34 pm
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Pfizer's revised FY23 guidance indicates lower-than-expected revenues from its COVID products, leading to a decrease in its EPS and revenue forecasts. This could negatively impact the company's stock price in the short term.
Pfizer's revised guidance indicates that the company is expecting lower revenues from its COVID products, Paxlovid and Comirnaty. This has led to a decrease in its EPS and revenue forecasts for FY23. Such a significant revision in guidance is likely to be viewed negatively by investors, potentially leading to a decrease in the company's stock price in the short term.
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