Pfizer projects sharp fall in Covid vaccine and treatments this year

Pfizer headquarters in New York. Pfizer said 2023 should be a 'transition year' for their Covid products.

Pfizer has forecast a bigger-than-expected drop in sales of its Covid-19 vaccine and treatment for 2023, intensifying investor concerns over demand for the products as governments cut orders and work through inventories.

Chief executive Albert Bourla said that 2023 should be a "transition year" for Pfizer's Covid products, before potentially returning to growth in 2024.