Key Takeaways
- Pfizer gave 2024 profit and revenue guidance below estimates as demand declines for its COVID-19 products.
- The drug maker projects 2024 COVID-19 vaccines and treatments will generate sales of $8 billon, compared to $12.5 billion this year.
- Pfizer shares tumbled to their lowest level since 2013.
Pfizer (PFE) shares tumbled over 8% in early trading Wednesday to their lowest level in more than 10 years after warning revenue could decline next year and releasing guidance below forecasts as demand for its COVID-19 vaccines and treatments wanes.
The drug maker indicated it expects 2024 revenue to be in a range of $58.5 billion to $61.5 billion, up slightly from this year’s outlook of $58 billion to $61 billion. It projects profit of $2.05 to $2.25 per share. Both were short of estimates.
Pfizer indicated that its COVID-19 shot and Paxlovid treatment for the…
