On Tuesday, US pharmaceutical titan Pfizer released an earnings report which left investors disappointed as it offered a bleak outlook on sales for it’s Covid-19 drugs.

The firm’s shares plummeted 14% this month, as the company saw $40 billion in market capitalization evaporate. Pfizer warned investors that they should expect to see 2023 revenues decline by roughly a third, as the pandemic passes and demand for coronavirus drugs declines.

In the previous year, Pfizer’s total sales of its Covid vaccines and its antiviral treatments, produced more revenue than the company’s entire revenues for 2019. More than half of the company’s $100 billion in 2022 revenue was attributable to its Comirnaty vaccine and its Paxlovid antiviral pill.

CEO Albert Bourla said in the report, that 2022 “was a record-breaking year for Pfizer,” and that, “as proud as we are about what we have accomplished, our focus is always on what is next.”

Although the pharmaceutical giant had been signaling for months that the massive success of its Covid-19 products could not continue forever now that the pandemic had passed, the decline in the performance of its Covid products was greater than analysts had been forecasting.

Pfizer predicted that in 2023 its Comirnaty vaccine would yield sales of about $13.5 billion, a decline of roughly 64% from 2022’s performance, and under the $16 billion analysts had predicted.p Paxlovid performance is predicted to plummet by 58% in 2023, from the $18.9 billion it generated in 2022 to only $8 billion in 2023. Overall, the company predicted that in 2023 total revenue would fall from the $100.3 billion in 2022 to between $67 and $71 billion in 2023.