Pfizer PFE -6.72% shares tumbled to their lowest close in more than nine years, after the giant drugmaker overestimated Covid-19 vaccine use and the company was forced to warn about its prospects.
Shares fell 6.7% on Wednesday because the company, which has lost $140 billion in market cap this year, said its revenue could fall next year and issued 2024 guidance below analyst expectations. . . .
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From CNBC
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, . . .
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. . . .
Well, when a so-called vaccine isn’t actually a vaccine And enough people have had Covid 3-4 times and are recovering faster than from the flu, you might have a problem getting people to spend the money on repeated doses of the non-vaccine.
If they are interested in making what we really need, they could make the medicine like Flonase and antibiotics we have a shortage of because China can’t be trusted to make them. I don’t know if that is possible, but it would be helping us since they got richer on the backs of the taxpayers.
I am not sure, but I think Pfizer’s area is developing new prescription drugs which is completely different than mass producing generic OTC meds. (There is the guy who invented the lightbulb and then there is the lightbulb factory sorta thing.)
Based on the numbers in the CNBC article in the OP (2024 projections of $5 billion for boosters and $3 billion for Paxlovid - down from a projection of $13 billion), that must be one expensive vaccine if “no one” is taking it.
I got mine about a month ago. I’ve had sarcoidosis affecting the lungs and heart since 2019. I have to be vigilant about vaccinations with anything that could affect the lungs