Pfizer Slashes 2022 Outlook on Slowing COVID Product Sales
- Pfizer cut its full-year outlook due to declining sales of COVID-19 products
- Shares fell as Pfizer lowered revenue projections by $9 billion for the year
- Sales weakened for both the COVID-19 vaccine and treatment Paxlovid
- Pfizer now forecasts 2023 revenue of $58-$61 billion, down from prior $67-$70 billion range
- Earnings per share outlook also cut to $1.45-$1.65 from prior $3.25-$3.45 range
