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Pfizer COVID vaccine, pill forecasts miss estimates; shares fall 4% -Breaking

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© Reuters. FILEPHOTO: Comirnaty vaccine, a Pfizer-BioNTech product against coronavirus (COVID-19), is seen being administered to Vials at St. Stephen’s Cathedral. This vaccination centre was opened in Vienna, Austria, February 5, 2022. REUTERS/Leonhard Foeger

(Reuters) -Pfizer Inc. forecasted $54 billion in annual sales for its COVID-19 antiviral vaccine and antiviral pills on Tuesday. However, Wall Street’s estimates were lower than expected. The company’s shares fell 4%.

However Pfizer (NYSE) Increased its outlook for vaccine with Germany’s BioNTech to $1Billion to $32 Billion. Drugmaker warns that final sales of the year will likely not surpass that number.

According to Refinitiv data, analysts project that vaccine sales will reach $33.79 Billion by 2022.

“There is less potential upside to this guidance through the year, compared to the situation we faced in 2021 when the vaccine was newly available and few people had received any doses of the vaccine,” Chief Financial Officer Frank D’Amelio said in prepared remarks.

Pfizer said however that it could see an increase in oral COVID-19 antiviral Paxlovid sales. According to Refinitiv’s 10 polled analysts, Pfizer expects that it will sell $22 billion of products in 2022, as compared to estimates of $22.88 million.

Chris Schott, a J.P. Morgan analyst said that Pfizer’s COVID-19 product sales are not sustainable long-term. To exceed expectations, Pfizer will need to build its pipeline and invest in capital.

Pfizer predicted sales between $98 billion and $102 billion in the full year. This is lower than estimates of $105.48 trillion. The outlook for sales was positive, with Pfizer expecting record sales to continue for the second year.

It is built on the same mRNA technology as rivals and uses the vaccine. Moderna (NASDAQ: ) is used for shots in over 160 countries.

Pfizer plans to produce more than 4 Billion doses of shot by 2022. It’s a significant increase from last year’s 3 billion doses.

It reported that the vaccine was sold for $36.8billion in 2021.

Paxlovid’s promise to reduce hospitalizations and death in high-risk patients has been impressive. The company plans on producing at least 120,000,000 units of this pill in the next year.

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