Pfizer Shares Hit 10-Year Low Amid Decreased Demand for COVID-19 Products

Company Forecasts Lower 2024 Revenue and Announces Cost Realignment Program to Offset Losses

Pfizer's shares have fallen to their lowest level in over 10 years due to a decrease in demand for its COVID-19 vaccines and treatments.
The pharmaceutical giant has forecasted its 2024 revenue to be between $58.5 billion and $61.5 billion, falling short of the $62.66 billion projected by analysts.
Pfizer's COVID-19 vaccines and treatments are expected to generate sales of $8 billion in 2024, compared to $12.5 billion in 2023.
The company is counting on new sales avenues, notably its $43 billion deal for Seagen, a biotech cancer specialist, which is expected to contribute about $3.1 billion in revenues.
Pfizer also announced a new cost realignment program expected to deliver at least $4 billion in savings by the end of next year.