Pfizer, a key manufacturer of coronavirus vaccines and a drug to fight Covid-19, expects revenue to slow this year after posting record profits in 2022, the company said on Tuesday.
Revenues for 2022 were $100.3 billion, an all-time high for the U.S. pharmaceutical company. This included 30% in operational growth, the company said in a statement. Last year profits rose by 43% to $31.3 billion.
Brisk sales of its Covid-19 remedy Paxlovid boosted sales, the firm said.
But the company predicted 2023 revenue increases would slow to $67 billion to $71 billion, as spread of the coronavirus has slowed and many countries are sitting on stockpiles of the vaccine and medication.
Earnings per share (EPS) adjusted for special factors rose by 62% to $6.58. For 2023, Pfizer has set a target range of $3.25 to $3.45.
