By Will Feuer

Pfizer said revenue could fall next year, weighed down by a continued slowdown in demand for the pharmaceutical company's Covid-19 vaccine and related products.

The company is targeting 2024 revenue of $58.5 billion to $61.5 billion, below the $62.66 billion that analysts surveyed by FactSet expected. The company is targeting revenue of $58 billion to $61 billion for this year.

Pfizer said it expects about $8 billion in revenue next year from its Covid-19 vaccine and its Paxlovid treatment for Covid. The company expects those products to contribute about $12.5 billion in revenue this year.

Shares of Pfizer dropped more than 8% to $26.24 in premarket trading. Shares were already down more than 44% this year.

Pfizer expects operational revenue, which excludes contributions from Covid-related products and includes the expected impact from the company's takeover of biotech cancer specialist Seagen, to grow by 8% to 10% in 2024.

The company also said it is targeting adjusted earnings in 2024 of $2.05 a share to $2.25 a share, below the $3.17 a share that analysts surveyed by FactSet expected.

Pfizer will hold a call with executives at 8:30 a.m. ET.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

December 13, 2023 07:26 ET (12:26 GMT)

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