Pfizer sends rivals lower with unchanged guidance for COVID-19 franchise
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Leading developers of COVID-19 vaccines and therapeutics traded lower in the morning hours Thursday after Pfizer (NYSE:PFE), a major player in both markets, opted to keep its 2022 guidance for the business, citing forex impact.
Notable decliners include vaccine makers, Novavax (NVAX), Moderna (MRNA), and AstraZeneca (AZN). However, BioNTech (BNTX), Pfizerâs (PFE) partner in COVID-19 vaccine development, traded higher.
Based on supply contracts as of mid-July, Pfizer (PFE) expects its COVID-19 vaccine Comirnaty and COVID-19 pill Paxlovid to generate nearly $32B and $22B in revenues in 2022, respectively.
The forecasts, reflecting unchanged estimates from the companyâs previous guidance issued three months ago, fell short of Street forecasts, while management noted that unfavorable forex impact offset the positive operational updates.
Meanwhile, Pfizerâs (PFE) rival in oral COVID-19 therapeutics, Merck (MRK), maintained its guidance for its COVID-19 pill at $5.0B â $5.5B, in line with Street forecasts even as the sales for antiviral exceeded the consensus for 2Q 2022.