Pfizer said Wednesday that its 2024 profits would fall far below investor expectations, leading shares to tumble 7% in early trading.
The reduced earnings numbers cap a difficult year for the drug giant. Its shares have fallen 45% and it has struggled to maintain the momentum it achieved during the pandemic with the development of one of two widely used Covid vaccines and a Covid treatment, Paxlovid.
Pfizer said that its full-year revenue for 2024 should fall between $58.5 billion and $61.5 billion, and that it expects $8 billion in revenue from its Covid vaccine, Comirnity, and Paxlovid. It expects revenue to grow at between 8% and 10%.
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