Pfizer Slashes 2022 Outlook by $9B on Lower COVID Product Demand, Hitting Vaccine Partners

Pfizer slashed its 2022 sales outlook by $9B due to lower Covid product demand, hitting shares of vaccine partners Moderna and BioNTech.

Pfizer cut its Paxlovid sales forecast by $7B and trimmed Comirnaty projections by $2B. It took a $5.5B inventory write-down.

Moderna stock fell 6.5% on concerns over future profitability with declining vaccine sales. BioNTech stock lost 6.4%.

Pfizer outlined a new deal to provide Paxlovid free to federally insured and uninsured patients through 2024 and 2028.

Analysts expect Pfizer will eventually charge up to $1,100 per Paxlovid course commercially starting in 2024.