(Alliance News) - Pfizer Inc on Wednesday set out weaker than expected financial guidance for 2024, sending its stock lower.

Pfizer shares were 8.7% lower at USD26.10 each in New York on Wednesday morning.

The New York City-based pharmaceutical firm expects 2024 revenue between USD58.5 million and USD61.5 billion. The outlook is short of the USD63.17 billion, the average analyst estimate, according to data by LSEG, formerly known as Refinitiv.

It expects USD8 billion in revenue for Covid-19 products Comirnaty and Paxlovid.

It expects adjusted diluted earnings per share in the range of USD2.05 to USD2.25.

For 2023, it still expects revenue of USD58.0 billion to USD61.0 billion, at worst a 42% fall from 2022, and an adjusted diluted EPS in the range of USD1.45 to USD1.65, up to a 78% decline.

The guidance for 2024 includes Seagen Inc. Pfizer on Tuesday said it expects to close the USD43 billion acquisition of the Bothell, Washington-headquartered biotechnology firm on Thursday.

By Eric Cunha, Alliance News news editor

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