May 2, 2023 Pfizer’s COVID-19 Vaccine Sales Crash as Company Reports Drop in Revenue
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Pfizer and other COVID-19 vaccine manufacturers have been dealing with decreased demand amid plunging effectiveness and lower levels of COVID-19 in various countries. The company said in its 2022 report that it could not “accurately predict the impact of COVID-19 on our business” and that various factors could affect sales, including an inability to report clinical trial results for its updated COVID-19 vaccine.
Pfizer expects 65 million COVID-19 doses to be administered in 2023, down from 92 million in 2022. But the company projects an increase to 67 million in 2024. And if a planned combination COVID-19/influenza shot works out, officials project the administration of 77 million doses in 2025 and 98 million doses in 2026.
Pfizer officials, however, predict that sales will pick up if U.S. regulators follow through on plans to update the vaccine strains to target the variants in circulation.
Current plans involve picking the strain or strains to target in the spring or summer and rolling out updated shots each year during the fall, similar to how influenza vaccines are distributed in some countries.
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