Pfizer Inc on Friday cut forecast for 2023 revenue to between $58 billion and $61 billion, from $67 billion to $70 billion previously.

Shares of the company were down about 7% in extended trading.

The company also cut its forecast for revenue from its COVID pill Paxlovid to about $7 billion from a prior forecast of $8 billion.

Pfizer added the U.S. government will be returning an estimated 7.9 million doses of Paxlovid at the end of this year.

(Reporting by Sriparna Roy in Bengaluru; Editing by Shinjini Ganguli)