Pfizer COVID-19 treatment transition; updates financial guidance

13 October 2023

US pharma giant Pfizer’s (NYSE: PFE) shares dropped 2.5% to close the regular session at $32.11, and fell a further 3.7% to $30.92 in after-hours trading, after it announced significantly changed financial guidance and updated on its government contracts for coronavirus products.

Pfizer on Friday announced an important agreement with the US government that will make it easier for patients to access Pfizer’s oral antiviral treatment for COVID-19. This will help ensure that the USA will have a robust stockpile for future use and helps provide more clarity on the commercial market for COVID related products.

It will remove a significant uncertainty by providing a pathway to US commercialization of its antiviral treatment Paxlovid (nirmatrelvir/ritonavir) on January 1, 2024 with an amended supply agreement.

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