Shares of Pfizer fell Wednesday after the drugmaker forecast 2024 revenue and profit below Wall Street’s expectations, as it sees weak demand for its once-blockbuster Covid products.
Pfizer also raised the target of its sweeping cost-cutting plan by $500 million, bringing the anticipated total to $4 billion.
The company expects 2024 revenue of $58.5 billion to $61.5 billion. Wall Street had anticipated sales of $63.17 billion, based on a survey of analysts by LSEG, formerly known as Refinitiv.
Pfizer’s forecast suggests revenue next year could fall or come in flat compared with 2023. The company expects revenue of $58 billion to $61 billion this year.
Pfizer also said it anticipates $5 billion in 2024 revenue from its Covid vaccine and $3 billion in sales from its antiviral pill Paxlovid, for a total of $8 billion from Covid products. That’s far less than the $13.8 billion in combined 2024 sales analysts expected.
“While we do not expect Covid vaccination and infection rates to…
2023-12-13 13:53:44
Article from www.cnbc.com