Due to flagging demand for its Covid products this year, Pfizer has been forced to slash its full-year earnings and revenue guidance on Friday.

The company downgraded its guidance, saying it now foresees 2023 sales of $58 billion to $61 billion, instead of the previously forecasted $67 billion to $70 billion. The company noted the revenue forecast cut was due “solely due to its Covid products.”

Full-year adjusted earnings guidance for the pharmaceutical company was reduced to a range of $1.45 to $1.65 per share, from a previous $3.25 to $3.45 per share.

The company noted that its Covid treatment Paxlovid will see its revenue come in at about $7 billion lower than had been previously anticipated, due in part to the US government returning emergency use doses which it did not make use of. Pfizer also noted that the sales of its Comirnaty vaccine will come in $2 billion lower than had previously been predicted due to lower than expected rates of vaccination.

Pfizer introduced its latest Covid booster in the US last month, however its release has been hampered by supply issues and problems with insurance coverage for the shots. In addition, as Covid has become a less virulent infection, fewer patients have sought treatments for it than had earlier in the pandemic, as both natural immunity and vaccinations have reduced the severity of its cases for many people.

Pfizer stock was down over 3 percent in extended trading on Friday.