Pfizer Shares Sink Following Disappointing 2024 Projections, Due to Low Vaccination Rates
Shortly after the announcement, CDC pushed states to increase vaccination rates amid rising respiratory virus activity.
Stock prices for the pharmaceutical giant Pfizer fell after the company issued 2024 profit and revenue guidance that was short of Wall Street expectations due to a continued decline in demand for COVID-related products.
Pfizer 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.
The warning deepened Wall Street’s concerns about how one of the world’s biggest pharmaceutical companies would find new sources of sales growth and has set up a big test for Chief Executive Officer Albert Bourla.
Pfizer—and Bourla—enjoyed heady performance during the pandemic, when the company’s Covid-19 vaccine Comirnaty and drug Paxlovid powered tens of billions of dollars in sales and turned the pharmaceutical giant into a world savior.
But the end of the pandemic crisis has stung Pfizer, which counted on higher sales of the vaccine and drug while it rolled out a new cancer and other drugs.
Pfizer’s plans to parlay covid profits into profit-making vaccines for other respiratory illnesses doesn’t appear to be working out as hoped.
Pfizer used some of its COVID windfall to acquire companies, including a $43 billion deal for cancer drugmaker Seagen it expects to close this week, and began selling a new [respiratory syncytial virus] RSV vaccine. But the recent RSV launch has been disappointing, trailing a rival’s shot, and shares have fallen 44% so far this year.
In addition, COVID vaccinations in the U.S. have dropped sharply with just about 17% of the eligible population getting the most recent updated boosters due in part to declining concern about the virus, as well as vaccine fatigue.
The New York-based drugmaker also forecast 2024 adjusted profit in the range of $2.05 to $2.25 per share, lower than analysts’ expectation of $3.16.
Interestingly, the Centers for Disease Control and Prevention (CDC) has just issued a Health Alert Advisory to increase vaccination rates against the flu, COVID-19 and RSV (respiratory syncytial virus) as cases have increased and vaccination rates remain low.
The CDC issued a Health Alert Network Health Advisory, warning the low vaccination rates and increasing rates of respiratory illness could lead to capacity strain at hospitals in the coming weeks.
The alert is directed at healthcare providers to make an increased push to get patients immunized, as well as increasing the use of antiviral medications for treatment.
In a release, the CDC said hospitalizations among all age groups has increased by 200 percent for the flu, 51 percent for COVID-19 and 60 percent for RSV across the country over the past four weeks.
A map of respiratory illness activity provided by the CDC shows much of that activity coming from states like California, New Mexico and southeastern states from Louisiana to South Carolina. In Iowa and much of the Midwest, the activity level is showing as low to minimal.
It is wise for Pfizer to be conservative in future projections. The covid vaccines were touted as stopping transmission and forced upon millions of healthy young adults and children who were not at risk of severe health effects from infection. This has led to massive distrust in all vaccines, especially new ones directed at respiratory viruses.
This alert is not going to be the successful ploy to boost Pfizer that the CDC is hoping for.
If your doctor recommends the covid vaccine or any of the child and adolescent vaccines for your kids, get up, pay your bill and run as fast as you can. Don't look back, just run.
— Gen Belisarius (@GenBelisarius) December 15, 2023
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Comments
Good. Go bankrupt you murderers. Any politician who asks for money to bail them out should be voted out
They should be more than voted out…
Hunh.
I didn’t realize Pfizer only manufactures one product. /////
Before the covid hoax, Pfizer was a old line drug co. On Wall Street it was such a boring conservative stock that the price ranged between the low 30’s and 40’s for almost a decade. but then came the miracle vaccine and the stock price went up 70-80%.
So even if the covid shots disappeared, why wouldn’t the stock simply go back to its boring pre-covid price? I am certain that the Pfizer leadership believed the covid windfall would never end and they took out huge bonuses etc and neglected the rest of the company..
In addition to everything else they did, the leaders of the company should also be sued for running the company into the ground.
There is also the small matter of the Covid vaccine destroying any trust in any product made by the company.
Subotai Bahadur
Or any other company who produced the vaccine as well.
My daughter has a three-year-old and when it’s time, 4 year old check up, usually they get boatload of vaccines.
Shes not gonna do it. She already knows that the doctor therefore will not continue to see her and the hospital of the small town., Will not treat if you are not Vaccinating your children.
Shes got tons of vaccines. She just wants to slow it down and they don’t even believe that you have the right to make that decision.
She has a holistic DO she sees and will be taking them there, but it’s not going to be convenient. He doesn’t have NP’s for same day visits
Really, I told her, she’s half
Hispanic looks full, just tell the hospital your
Illegal.
Her kids look like little Shirley Temples however
This is the way our medical community’s roll now
Little Nazis
Even my beloved Dr tried numerous times to get me to take the China flu vaccine, and I’m allergic to flu vaccines, of which I had endlessly to remind him
He went so far as wanting me to research the years and lot numbers I had rx to?
That was really crazy and
NO I did not.
Amazing however, as a nurse I was able to have my medical excuse accepted.
Guess they lost way too many RN’s
Pfizer really pulled a dirty and we would be better off if they bit the dust.
Pfizer got insanely rich off the so-called ‘free’ vaccines – paid in full by the government with your money.
They let jackholes like Fauci go out and outright lie about it, knowing GODDAMN WELL that it didn’t do ONE SINGLE THING to prevent actually getting it in the first place, and in fact Fauci had to CHANGE THE DEFINITION of a ‘vaccine’ to even be allowed to call it that it in the first place!
That’s when I knew this was crap. You don’t go out and change the meanings of words if you’re confident in the product you produced.
I think every one of Pfizers executives along with Fauci should be in prison for their fraud.
I laughed when the definition was changed from immunity to protection. Quite honestly, I’m shocked Big Phat
Ram hasn’t labeled ALL vaccines as protection. Think of the brand new captive market they would own. Millions of people updating their childhood vaccines.
Turns out not everything associated with the COVID bullshit is bad.
The drug companies have been getting away with selling ineffective “medications” for years. These COVID “vaccinations” seem to be the first that were actually intended to do harm.
Pfizer pretended to make an effective vaccine. At some point the Potemkin drug was figured out by the public. As Lincoln said, “You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time.” That “some” has decreased in time to a very small number.
Vax doesn’t work. Boner pills have gone generic. Pfizer needs new game.