{"id":26660,"date":"2023-10-13T22:00:56","date_gmt":"2023-10-13T22:00:56","guid":{"rendered":"https:\/\/isafespend.com\/investing\/pfizer-slashes-2023-revenue-forecast-on-lower-covid-sales-will-cut-expenses-jobs\/"},"modified":"2023-10-13T22:00:57","modified_gmt":"2023-10-13T22:00:57","slug":"pfizer-slashes-2023-revenue-forecast-on-lower-covid-sales-will-cut-expenses-jobs","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=26660","title":{"rendered":"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo<\/span>
\n<\/i>\n<\/div>\n

(Reuters) -Pfizer on Friday slashed its full-year revenue forecast by around 13% and launched a $3.5 billion cost cutting program due to lower-than-expected sales of its COVID-19 vaccine and treatment.<\/p>\n

The drugmaker said it now expects 2023 revenue of between $58 billion and $61 billion, down from it prior forecast of $67 billion to $70 billion. It said the reduction was solely due to lowered expectations for its COVID-19 products.<\/p>\n

The cost cutting, targeting savings of at least $3.5 billion by the end of 2024, will include layoffs, the company said, without providing details on how many jobs will be cut or from what areas. <\/p>\n

Shares of the New York-based company were down about 7% in extended trading.<\/p>\n

Pfizer <\/span><\/span> (NYSE:) slashed its forecast for sales of its antiviral COVID treatment Paxlovid by about $7 billion, including a non-cash $4.2 billion revenue reversal, as it agreed to allow the return of 7.9 million doses purchased by the U.S. government. It had previously expected Paxlovid revenue of about $8 billion for the year.<\/p>\n

The company also cut full-year revenue expectations for the COVID vaccine it shares with German partner BioNTech (NASDAQ:) by about $2 billion due to lower-than-expected vaccination rates. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo (Reuters) -Pfizer on Friday slashed its full-year revenue forecast by around 13% and launched a $3.5 billion cost cutting program due to lower-than-expected sales of its COVID-19 vaccine and treatment. The drugmaker said<\/p>\n","protected":false},"author":1,"featured_media":26661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-26660","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nPfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo (Reuters) -Pfizer\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=26660\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo (Reuters) -Pfizer\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=26660\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-13T22:00:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-13T22:00:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/10\/LYNXMPEA5Q0EZ_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=26660#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=26660\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs\",\"datePublished\":\"2023-10-13T22:00:56+00:00\",\"dateModified\":\"2023-10-13T22:00:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=26660\"},\"wordCount\":222,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=26660#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=26660\",\"url\":\"https:\/\/isafespend.com\/?p=26660\",\"name\":\"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2023-10-13T22:00:56+00:00\",\"dateModified\":\"2023-10-13T22:00:57+00:00\",\"description\":\"\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo (Reuters) -Pfizer\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=26660#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=26660\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=26660#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs | iSafeSpend","description":"\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo (Reuters) -Pfizer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=26660","og_locale":"en_US","og_type":"article","og_title":"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs | iSafeSpend","og_description":"\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo (Reuters) -Pfizer","og_url":"https:\/\/isafespend.com\/?p=26660","og_site_name":"iSafeSpend","article_published_time":"2023-10-13T22:00:56+00:00","article_modified_time":"2023-10-13T22:00:57+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/10\/LYNXMPEA5Q0EZ_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=26660#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=26660"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs","datePublished":"2023-10-13T22:00:56+00:00","dateModified":"2023-10-13T22:00:57+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=26660"},"wordCount":222,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=26660#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=26660","url":"https:\/\/isafespend.com\/?p=26660","name":"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2023-10-13T22:00:56+00:00","dateModified":"2023-10-13T22:00:57+00:00","description":"\u00a9 Reuters. FILE PHOTO: A company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS\/Johanna Geron\/File Photo (Reuters) -Pfizer","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=26660#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=26660"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=26660#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"Pfizer slashes 2023 revenue forecast on lower COVID sales; will cut expenses, jobs"}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/26660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26660"}],"version-history":[{"count":1,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/26660\/revisions"}],"predecessor-version":[{"id":26662,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/26660\/revisions\/26662"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/media\/26661"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}