Health
Pfizer Falls to Lowest in 10 Years on Disappointing Forecast
- Outlook for 2024 Covid product sales misses by $5.8 billion
- Drugmaker aiming to boost business with Seagen purchase
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Pfizer Inc. shares tumbled to their lowest level in a decade after its disappointing 2024 forecast showed the purchase of a leading cancer drugmaker isn’t enough to fill the ever-growing hole from its flailing Covid franchise.
Lackluster Covid product revenue continued to plague the pharma giant, as projected sales of its shot and pill missed analysts’ estimates by a wide margin. The stock fell as much as 9.9% as of noon in New York, the most intraday since 2015, while the share price dropped as low as $25.76.