Pfizer’s 4Q revenue dropped 41% to $14.25B, below analyst forecasts, due to an expected decline in demand for its Covid-19 vaccine Comirnaty and Covid-19 treatment Paxlovid. Excluding those products, revenue was up 7% operationally, driven by new product launches and in-line product growth. The same trend followed for the full year, with 2023 revenue falling 42% overall but being up 8% when excluding Covid products. Pfizer is targeting operational revenue growth of 8% to 10% in 2024 when excluding Comirnaty and Paxlovid, as well as its Seagen subsidiary, though the company still expects to see about $8B in annual revenue from the two Covid products.