Pfizer’s $100bn question

How did Pfizer allow investor expectations to run so far ahead of reality? The group nearly doubled sales in 2021 thanks to its Covid products, and is expecting to bring in $100bn next year – but shareholders, apparently looking for higher profit guidance, sent its stock down 3% yesterday.

It is undeniable that the Covid sales are astounding, and the table below shows how Comirnaty and Paxlovid stack up against some of the other big beasts of biopharma, both past and present. But Pfizer’s base business is distinctly lacklustre and has been marred by several recent setbacks. The company needs to do deals, and gave some clues about its thinking during yesterday's fourth-quarter earnings call.