US pharmaceutical and biotechnology corporation Pfizer Inc. said it expected to see a sharp year-on-year drop in revenues and earnings in 2023 following record highs in 2022.

Pfizer on Tuesday reported $100.3 billion of revenues and $6.58 of adjusted diluted earnings per share (EPS) in 2022, both of which hit record highs.

Pfizer's annual revenues and adjusted diluted EPS jumped 23 per cent and 62 per cent year-on-year, respectively.

Much of the growth was driven by sales from oral antiviral treatment Paxlovid and Covid-19 vaccine Comirnaty, Xinhua news agency reported.

Excluding contributions from Paxlovid and Comirnaty, Pfizer's revenues grew 2 per cent operationally in 2022.

As the US is likely to end the Covid-19 public health emergency in May this year, less governmental spending around the world dampens the sales prospects of medical products related to Covid-19.

Pfizer expects to have $67 billion to $71 billion of revenues and $3.25 to $3.45 of adjusted diluted EPS in 2023, down 29 per cent to 33 per cent and 48 per cent to 51 per cent, respectively.

The forecasts of revenues and adjusted diluted EPS are even materially lower than that in 2021.

Notably, Pfizer predicts around $8 billion and $13.5 billion of revenues from Paxlovid and Comirnaty in 2023, 58 per cent and 64 per cent lower than that in 2022, respectively.

However, Pfizer expects to see 7 to 9 per cent of revenue expansion in 2023 excluding Covid-19 products and anticipated foreign exchange impacts.

Pfizer could record the largest number of new product and indication launches in 2023, according to Albert Bourla, Chairman and Chief Executive Officer of Pfizer.

(SJ/IANS)