Pfizer PFE -0.63% probably did more than any other company to help the world normalize after the pandemic, and it profited financially from its dual Covid-19 franchise, the top-selling vaccine and leading treatment Paxlovid.

However, the world stopped caring about Covid, and Pfizer (ticker: PFE) is paying the price. Sales of Covid’s two blockbuster drugs could drop more than 60 percent in 2023, after the company’s combined revenues of $57 billion in 2022. And there is considerable uncertainty about demand for both drugs in the coming years.