Pfizer Drops After CEO Forecasts Profit Lower Than Analyst View

(Bloomberg) -- Pfizer Inc. shares fell after Chief Executive Officer Albert Bourla said 2021 adjusted earnings would be between $3 and $3.10 per share, less than what analysts were expecting.

The shares dropped 1.7% to $37.13 at 10:38 a.m. in New York trading. Analysts had expected adjusted earnings per share in 2021 of $3.18, according to a survey of 16 analysts by Bloomberg.

Bourla previewed the company’s earnings guidance while speaking at the JPMorgan Healthcare Conference on Tuesday. He said the number included the likely contribution from the Covid-19 shot that was the first vaccine authorized for emergency use in the U.S.

The company developed the vaccine in partnership with Germany’s BioNTech SE.