Prognosis
Pfizer Loses $40 Billion of Value in Worst Month Since 2020
- Drugmaker’s stock has fallen about 14% to start the year
- Yearly sales outlook for Covid pill, shot missed estimates
Pfizer’s Paxlovid antiviral medication
Photographer: Kobi Wolf/BloombergThis article is for subscribers only.
Shares of Pfizer Inc. suffered their biggest monthly decline since June 2020 as investors anticipated a troubled path ahead for the drugmaker’s Covid products.
The stock slumped 14% this month, erasing $40 billion in market value. In its earnings report on Tuesday, Pfizer presented a weaker-than-estimated sales outlook for its Covid vaccine and pill. Shares fluctuated between gains and losses before ending the day higher by 1.4% amid a broader market rally.