Partly because 80% of people rejecting more ‘booster’ treatments
During 2022, when the COVID-19 fears still raged across the nation, Pfizer reported a record $100 billion revenue stream.
CNBC revealed, “Pfizer’s combined sales from its COVID vaccine and antiviral treatment generated more revenue last year than it had in total sales in 2019, before the pandemic became a global crisis that killed more than 6.8 million people and upended world markets.”
That’s over.
The company’s stock plunged some 44% during 2023, “coming as more than 80% of people eligible to get the booster shot this fall opted not to get it,” according to the Post Millennial.
The report described the company’s stock as delivering “their worst performance in over a decade after the pharmaceutical giant put out a stark warning about its projected revenue as hysteria over the COVID-19 outbreak continues to wane.”
The company’s market cap has collapsed $150 billion just this year alone.
The company already is projecting that revenue could fall in 2024, bringing “grave concerns for Wall Street as to how Pfizer will be able to create new sources of sales growth,” the report said.
CEO Albert Bourla was the beneficiary of the COVID income, with the company’s Comirnaty shots and Paxlovid drugs bringing in tens of billions of dollars in sales.
But the news didn’t stay good.
“A new study by the University of Arizona Mel and Enid Zuckerman College of Public Health published in October found that over 80% of the people who were eligible to receive COVID booster shots last fall chose not to get them,” the report explained.
The company now hopes for 2024 revenue in the range of about $60 billion.
The company already has announced layoffs.
A Reuters report noted Pfizer could fail to meet Wall Street expectations in the coming year by as much as $5 billion.
Jeff Jonas, a portfolio manager for Gabelli Funds, warned, “They’re in a bad place honestly.”
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