Pfizer misses revenue estimates as COVID product sales decline
will launch a cost-cutting program if demand for its COVID-19 products keeps underperforming expectations this fall, the U.S. drugmaker said on Tuesday, after quarterly sales for the vaccine and pill fell short of Wall Street targets.
"Clearly, there is a higher level of uncertainty regarding the demand projections for our COVID-19 products than for the rest of the business," CEO Albert Bourla said. That compared with analysts' estimates of $1.40 billion for the vaccine and $1.08 billion for the pill.Pfizer also trimmed the upper end of its annual revenue forecast by $1 billion to $70 billion while retaining the low end at $67 billion. It left its profit forecast range unchanged at $3.25 to $3.45 per share.
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