By Geoffrey Smith
Investing.com -- Pfizer (NYSE:PFE) stock fell over 3% in premarket on Tuesday after it predicted profit and revenue will fall this year, a reflection of slowing demand for its COVID-19 vaccine and antiviral products.
The pharma giant said it expects adjusted earnings per share to fall to a range of $3.25-$3.45, well below consensus expectations of around $4.44.
For revenue, it expects a range around a midpoint of $69 billion, which also represents a clear shortfall versus forecasts of $74.3 billion.
In the fourth quarter, Pfizer's adjusted EPS was $1.14, some 5% ahead of the market consensus, while revenue growth slowed to only 2% on the year, at $24.29 billion.
By 07:05 ET (12:05 GMT), Pfizer stock was down 3.3%, on course for its lowest open in nearly four months.