Pfizer's Share Price Falls After Disappointing Revenue Forecast

Pfizer shares dropped 7% in premarket trading on Wednesday, after forecasting revenue below analysts' expectations. The pharmaceutical giant forecast its 2024 revenue to be between $58.5 billion to $61.5 billion, which is below analysts' average estimate of $63.17 billion. The company also forecast its 2024 adjusted profit to be between $2.05 to $2.25 per share, lower than analysts' expectation of $3.16 per share. Pfizer's revenue and profit in the last two years were boosted by high sales of its COVID-19 vaccine Comirnaty and treatment Paxlovid. However, a drop in annual vaccination rates and demand for these products in 2023 have forced the company to cut costs. Pfizer expects to complete its $43 billion acquisition of cancer drugmaker Seagen on Thursday.