Pfizer stock’s struggles continued Wednesday, as shares of the healthcare titan dropped to their lowest level since before the Covid-19 pandemic, the latest dubious milestone for the battered stock that has failed to convert its vaccine boom into long-term sales growth.
Pfizer said Wednesday that it expects its 2024 earnings to be between $58. 5 billion and $61. 5 billion, which is about a 0 expansion from 2023 forecasts and well below analysts’ average 2024 sales forecast of $62. 6 billion, according to FactSet.
Notably, Pfizer said it expects 2024 sales for its Covid products—Paxlovid pills and the Comirnaty vaccine—to be about $8 billion, a nearly 90% drop from the roughly $57 billion of revenue its Covid series brought in last year.
Pfizer shares fell on Wednesday as investors digested the lackluster forecast, falling as much as 9% to below $26 in morning trading, hitting their lowest intraday value since 2013.
That’s the largest single-day drop for Pfizer since January 2009.
-fifty%. That’s about the amount an investment in Pfizer has earned this year, including dividends, the lowest of any U. S. public company valued at more than $100 billion.
Other publicly traded Covid vaccine brands have struggled over the past two years as demand and government subsidies for vaccines dried up. Moderna’s stock is down about 85% from its 2021 high and Johnson’s shares.