(Pfizer) Shares of Pfizer Inc. plunged more than 4% on Tuesday after the biotech company raised its vaccine sales by $1 billion to $32 billion in FY22, below forecasts of $33.79 billion.
The lower guidance happens even as the company recorded a 106% operational growth in revenues in the fourth quarter to $23.8 billion. For FY21, revenues rose by 92% to $81.3 billion.
In the fourth quarter, Pfizer reported adjusted diluted earnings per share of $1.08. The adjusted diluted EPS for FY21 was $4.42.
Pfizer expects revenue of between $98 billion to $102 billion in FY22, with adjusted diluted EPS of $6.35 to $6.55.
The company projects revenue of about $22 billion from Paxlovid in 2022, with deliveries of treatment courses expected for contracts committed or signed as of the end of January.
PFE: NYSE is currently down -4.45%.
