Pfizer Shares Plunge On Gloomy 2024 Outlook 

Shares of Pfizer tumbled in premarket trading in New York after the pharmaceutical company announced a forecasted revenue slump next year. The dismal outlook falls below the average estimates of analysts, attributed to sliding demand for Pfizer's Covid vaccines and other related products. 

Pfizer wrote in a press release titled "Pfizer Provides Full-Year 2024 Guidance" that full-year 2024 revenues are expected to be in the range of $58.5 to $61.5 billion, below the $62.9 billion analysts surveyed by Bloomberg expected. It expects annual earnings of $2.05 to $2.25 a share, far below analysts' $3.21 average estimate. 

The revenue guidance for next year also includes an estimated $8 billion from its Covid vaccine Comirnaty and its antiviral Paxlovid, along with approximately $3.1 billion from Seagen and about $1 billion from the reclassification of its royalty income from other (income)/deductions into the revenue. 

"Pfizer's product portfolio remains strong. In 2024, Comirnaty and Paxlovid are expected to deliver combined revenues of approximately $8 billion and our remaining portfolio of combined Pfizer and Seagen products is expected to achieve year-over-year operational revenue growth in the range of 8% to 10%," stated Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer. 

Bourla continued, "In addition, we expect our cost realignment program to deliver savings of at least $4.0 billion by the end of 2024, which puts us on a path to potentially regain our pre-pandemic operating margins." 

PFE shares are down 7% in premarket trading. Year-to-date, shares are down 44%, touching lows not seen since 2016. 

pfizer shares plunge on gloomy 2024 outlook

Bourla told investors on a recent conference call: "We are acutely aware that all these uncertainties are making it difficult to project the future revenues of Pfizer — and are also affecting our stock price." 

Similar concerns have sent shares of Moderna tumbling while broader markets trend higher.

pfizer shares plunge on gloomy 2024 outlook

Headlines for "Covid" across US media have tumbled.

pfizer shares plunge on gloomy 2024 outlook

The pharma-industrial complex is under severe pressure to find new avenues of growth as Covid revenues plummet. Only another pandemic can turnaround the industry.  

Authored by Tyler Durden via ZeroHedge December 13th 2023