(Reuters) - Pfizer on Wednesday forecasted revenue and profit for 2024 that fell below Wall Street expectations, causing its shares to decline by 7% in premarket trading. However, the company did raise its cost-cutting target by $500 million.
The company’s revenue has been boosted over the past two years by sales of Paxlovid and the vaccine it produces in partnership with BioNTech, a German company.
Unfortunately, a decrease in annual vaccination rates and demand for treatments in 2023 has necessitated the launch of a program in October to reduce jobs and expenses, with the goal of saving at least $4 billion annually.
In November, Pfizer cut 500 jobs at its Sandwich, Kent site in the UK. The company, which has approximately 83,000 employees worldwide, also expects to finalize its $43 billion acquisition of cancer drugmaker Seagen on Thursday. The addition of Seagen’s products is projected to contribute $3.1 billion to revenue next year, with an additional $8 billion coming from sales of Pfizer’s COVID-19 vaccine, Comirnaty, and its treatment, Paxlovid.
Pfizer anticipates its annual revenue to be around $58.5…
2023-12-13 06:51:53
Link from finance.yahoo.com
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