Vaccine Stocks Drop After Pfizer’s Covid Sales-Forecast Miss
- Moderna, Novavax and BioNTech all fell in Tuesday trading
- Vaccine makers lose a combined $15 billion in equity value
This article is for subscribers only.
Shares of vaccine makers slumped Tuesday, losing about $15 billion in market value, after Pfizer Inc. issued revenue guidance for its Covid-19 jab and pill that fell short of analyst expectations.
BioNTech SE and Moderna Inc. dropped 7.6% and 4.3%, respectively, while Pfizer slid 2.8% after its 2022 sales and profit outlook missed Wall Street consensus. While analysts said Pfizer will likely raise guidance on its virus franchise throughout the year as government contracts are solidified it may not be enough to return the sector to its former glory.