2023-12-13 14:12:12
Pfizer on Wednesday forecast revenue and a profit in 2024 below analysts’ estimates, leading to a 7% decline in the US drugmaker’s share price in pre-opening New York Stock Exchange trading. Archyde.com and Agerpres.
Pfizer headquarters in ManhattanPhoto: Erik McGregor / ddp USA / Profimedia Images
Sales of the antiviral treatment Paxlovid and the vaccine that Pfizer is making with German partner BioNTech have supported the company’s earnings over the past two years. But declining annual vaccination rates and demand for treatments in 2023 forced the company to launch a job-cutting and cost-cutting program in October to save at least $4 billion a year.
Pfizer, which employs nearly 83,000 people globally, cut 500 jobs at its UK plant last month. Pfizer also expects to complete its $43 billion acquisition of drugmaker Seagen on Thursday.
The company’s products are expected to add $3.1 billion to Pfizer’s revenue in 2024, with another $8 billion to come from the Comirnaty vaccine and the Paxlovid treatment once morest COVID-19.
The US drugmaker expects annual revenue between $58.5 billion and $61.5 billion, while analysts on average were expecting $63.17 billion. Also, the company estimates an adjusted profit between $2.05 and $2.25 per share, below analysts’ forecasts of $3.16 per title.
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