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Pfizer Issues Weak 2023 Guidance; Expects Significant Sales Drop
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Pfizer Issues Weak 2023 Guidance; Expects Significant Sales Drop

Shares of Pfizer (NYSE:PFE) are little changed so far in today’s trading session after releasing disappointing guidance. Management expects revenue and adjusted EPS for 2023 to be in the ranges of $67 billion to $71 billion and $3.25 to $3.45, respectively. For reference, analysts were expecting $72.9 billion in revenue and an adjusted EPS of $4.33.

This can be attributed to a significant decline in COVID-19 product sales, as Pfizer believes vaccine revenue will fall from almost $38 billion to $13.5 billion while Paxlovid sales will decrease from roughly $19 billion to $8 billion.

Overall, Wall Street analysts have a Hold rating with a consensus price target of $50.22 on PFE stock, implying over 14% upside potential, as indicated by the graphic above.

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