Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, October 20, 2023

Article Excerpt

PFIZER INC., $30.63, New York symbol PFE, remains a buy. The company is one of the world’s largest makers of prescription drugs. Its top-selling brands include Enbrel (arthritis), Ibrance (breast cancer) and Prevnar (pneumonia). Due to slowing demand for its COVID-19 products—Comirnaty (vaccine) and Paxlovid (antiviral pill)—Pfizer now expects its sales for all of 2023 will range between $58.0 billion and $61.0 billion. That’s down from its earlier forecast of $67.0 billion to $70.0 billion. Combined sales of Comirnaty and Paxlovid for 2023 will probably total $12.5 billion, down $9.0 billion from Pfizer’s earlier prediction. That drop is mainly due to weak demand for Paxlovid, which has prompted the U.S. government to return 7.9 million treatment courses. As a result, the company will record a $5.5 billion non-cash charge against its earnings in the third quarter of 2023. The lower sales will also cut Pfizer’s full-year earnings to between $1.45 and $1.65 a share compared to its earlier forecast of $3.25 to $3.45 a share…