By Sabela OjeaShares of Pfizer on Friday declined 3.5%, to $31.00, in after-hours trading after the company slashed its outlook for the year amid views for lower Covid-19 related revenue. The healthcare giant said it now expects to end 2023 with an unexpected $9 billion drop in sales from its Covid-19 vaccine and anti-viral treatment Paxlovid. Pfizer is guiding for revenue of $58 billion to $61 billion for 2023, down from a prior forecast of $67 billion to $70 billion. Pfizer is targeting savings of at least $3.5 billion by the end of 2024, a restructuring plan that will come with layoff-related and implementation costs of $3 billion. Write to Sabela Ojea at sabela.ojea@wsj.com(END) Dow Jones NewswiresOctober 13, 2023 19:09 ET (23:09 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal October 14, 2023 11:16 UTC