Pfizer Shares Sink as COVID-19 Revenue Expectations Wane

Published on December 13, 2023

Pfizer on Wednesday forecast 2024 sales that were as much as $5 billion below Wall Street expectations due mostly to declining demand for COVID-19 vaccines and treatment, driving shares down 7 percent in premarket trading. The lower forecasts come a day after the drugmaker said it would reorganize its cancer division to include the acquisition of Seagen. It also raised its cost-cut target by $500 million on Wednesday. The drugmaker’s shares, which are already down over 44 percent this so far this year, were down 7 percent in premarket trading and set to erase over $10 billion in market capitalization, if losses continued during regular trading. Shares of Moderna fell 4.1 percent and Pfizer’s German partner in the vaccine BioNTech SE fell 3.9 percent premarket....

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