Pfizer cuts full-year outlook due to declining sales of Covid-19-related products
Shares of Pfizer fell ahead of the opening bell as the company cuts annual outlook, citing sales slump of its COVID-19-related products
Shares of global pharma giant Pfizer (PFE) slipped in the first trading session after the company cut its full-year revenue outlook by $9 billion acknowledging a sharp slump likely after the fall in demand for COVID-related products.
The New York-based company has reversed its August prediction of a rebound in the second half of 2023, an Associated Press report says. The firm says that the global usage of Paxlovid, the company's oral COVID vaccine, is trending slightly above last year. But it was still below expectations.
Prizer stock price slipped about 3 percent before the opening bell on Monday and Moderna (MRNA), another pharma company that competes with Prizer also suffered a downward price movement.
Although the fall vaccination season has gotten underway, Prizer thinks its too early to predict the demand, according to the report.
