Pfizer probably did more than any other company to help the world normalize from the pandemic, and it reaped a financial windfall from its twin Covid-19 franchise—the top-selling vaccine and the leading treatment, Paxlovid.

The world, however, has stopped worrying about Covid—and Pfizer (ticker: PFE) is paying the price. The sales of its two Covid blockbusters may decline over 60% in 2023, after generating a combined $57 billion in revenue during 2022. And there is considerable uncertainty about demand for both in the coming years.