As COVID vaccine sales decline, Pfizer cuts out full year earnings and revenue guidance

Pfizer announced earlier this week that the company had cut its full-year earnings due to decreasing demand for COVID-19 products. 

According to CNBC News, Pfizer expects $58 billion to $61 billion in sales for 2023, which is down from the previous guidance of $67 billion to $70 billion.  

The company also added a prediction that revenue from the COVID treatment Paxlovid will be $7 billion lower than anticipated.

The sales of the updated COVID-19 vaccine are also expected to be lower. 

Fewer and fewer people are seeking treatment for COVID-19 than did in previous years. 

Pfizer also revealed that on Friday, shares fell more than 3% in extended trading.