Pfizer Downgrades 2024 Forecast Due to Flagging Vaccine Sales, Sinking Stock Price

Published on December 13, 2023

Pfizer executives on Dec. 13 said they expect to make less money than expected in 2024, a few months after acknowledging 2023 sales would likely be lower than expected due to flagging COVID-19 vaccine and drug uptake. Pfizer shares hit a 10-year low after the announcement. Revenue from Pfizer’s COVID-19 vaccine and Paxlovid drug, which peaked at $57 billion in 2022, are now expected to be $8 billion in 2024. That would be down from the approximately $12.5 billion Pfizer forecasts making in 2023. “We want to be conservative,” Pfizer CEO Albert Bourla said on a conference call with investors. “We want to be reliable so we won’t create uncertainty, which was the case, unfortunately, this year.”...

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