Drug companies face Covid cliff as sales set to plummet this year

Pfizer has said it expects that revenue to drop to around $21.5bn (€20bn) in 2023, although some analysts believe that forecast is overly optimistic. Picture: Dan Linehan

Pharmaceutical companies that made billions from the pandemic over the past two years selling vaccines and treatments are now up against a steep Covid cliff and investor pressure to spend their windfalls wisely.

Drugmakers including Pfizer, BioNTech, Moderna, Gilead Sciences, AstraZeneca, and Merck are estimated to have brought in about $100bn (€92bn) in revenue from Covid vaccines and treatments in 2022.