Pfizer Slashes COVID Vaccine, Treatment Sales Outlook; Cites 'COVID Fatigue' for Lower Demand

Pfizer cut its 2022 sales forecast for its COVID-19 vaccine and treatment Paxlovid, driving down shares of partners BioNTech and Moderna.

Pfizer CEO said around 17% of Americans will get updated COVID shots this year, far below 2021 rates, indicating "COVID fatigue."

Pfizer expects 2022 vaccination rates to be the base level going forward, but is still monitoring the current campaign.

Pfizer and BioNTech will take large inventory write-downs due to excess COVID vaccine and Paxlovid.

Analysts said lower Pfizer forecast implies lower future sales for Moderna, though Moderna maintained its 2023 revenue outlook.