Shares of Pfizer Inc. and other biotech drug makers fell in the extended session Friday after Pfizer slashed $9 billion in expected sales from its full-year outlook as it seeks to shift to commercial approval of its Paxlovid COVID treatment, and foreshadowed layoffs.
The company forecast full-year earnings of $1.45 to $1.65 a share on revenue of $58 billion to $61 billion. Pfizer PFE said the new outlook calls for a reduction in expected revenue for COVID treatment Paxlovid of $7 billion. It further foresees a $2 billion reduction…
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