Pfizer (NYSE:PFE) shares fell more than 6% in pre-market trade on Wednesday after the company offered an outlook for the next year that trailed estimates.
Revenue is seen at $60 billion, up or down $1.5 billion, below the consensus of $63.1 billion.
Pfizer's revenue expectations for the near term include approximately $8 billion from COVID-19 products – Comirnaty and Paxlovid – as well as around $3.1 billion from Seagen.
Pfizer expects to complete the acquisition of Seagen on December 14.
Adjusted diluted EPS is anticipated to be in a range of $2.05 to $2.25, a big miss compared to the consensus of $3.16.
Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer, stated: “Pfizer’s product portfolio remains strong. In 2024, Comirnaty and Paxlovid are expected to deliver combined revenues of approximately $8 billion and our remaining portfolio of combined Pfizer and Seagen products is expected to achieve year-over-year operational revenue growth in the range of 8% to 10%.”
“In addition, we expect our cost realignment program to deliver savings of at least $4.0 billion by the end of 2024, which puts us on a path to potentially regain our pre-pandemic operating margins.
“We look forward to joining forces with Seagen and using our combined strengths to bring us ever closer to delivering long promised cures for certain cancers.”