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The company said it expects $22 billion in sales of its COVID pill Paxlovid this year, compared with analysts’ average expectation of $26.1 billion.
“Overall, we expect the recent trends to expand access (to Paxlovid), as well as inquiries received from governments as the virus mutates and causes spikes in infections around the world, to result in increased orders in the coming months,” said Pfizer (NYSE:PFE) Chief Executive Officer Albert Bourla.
The company also reiterated its forecast of $32 billion in sales from the vaccine it developed with BioNTech.
At the request of the U.S. Securities and Exchange Commission, several drug companies have adjusted their forecasts to include expenses from milestone payments and acquisitions.
The company said it now expects full-year adjusted profit of $6.25 to $6.45 per share, below its prior forecast of $6.35 to $6.55, mostly due to the impact of those expenses.
Pfizer’s shares fell marginally to $48.30 in volatile premarket trading.
