By Will Feuer

Shares of Pfizer fell after the pharmaceutical company warned that it will continue to battle a slowdown in demand for its Covid-19 products next year.

The stock slipped about 7% to $26.65 in premarket trading, adding to a roughly 44% decline so far this year.

Shares of rival vaccine-maker Moderna also fell 5% in the premarket session. That stock is down almost 57% this year.

The company, along with Moderna, have been warning this year that the boost from sales of Covid-19 vaccines and other products that target the disease is turning into a headwind.

Pfizer said it expects to generate about $8 billion in revenue next year from its Covid-19 vaccine and its Paxlovid treatment. The company expects those products to contribute about $12.5 billion in revenue this year.

The company is targeting total revenue in 2024 of $58.5 billion to $61.5 billion, below the $62.66 billion that analysts surveyed by FactSet expected. The company expects revenue to be $58 billion to $61 billion this year.

Pfizer also said it is targeting adjusted earnings in 2024 of $2.05 a share to $2.25 a share, below the $3.17 a share that analysts surveyed by FactSet expected.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

December 13, 2023 08:10 ET (13:10 GMT)

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