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Pfizer shares sink on weak 2024 revenue, profit forecasts

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Albert Bourla, chief executive officer of Pfizer Inc., speaks during China Development Forum (CDF) 2023 at Diaoyutai State Guesthouse on March 25, 2023 in Beijing, China. 
Lintao Zhang | Getty Images

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Sales of Paxlovid and the vaccine Pfizer makes with German partner BioNTech

But a drop in annual vaccination rates and demand for the treatments in 2023 have forced the company to launch a program in October to cut jobs and expenses to save at least $4 billion a year.

The company, which employs nearly 83,000 employees globally, in November cut 500 jobs at its Sandwich, Kent site in the UK.

Pfizer also expects to complete the $43 billion acquisition of cancer drugmaker Seagen

The U.S. drugmaker expects its annual revenue to be in the range of $58.5 billion to $61.5 billion compared with analysts’ average estimate of $63.17 billion, according to LSEG data.

The company also forecast adjusted profit in the range of $2.05 to $2.25 per share, lower than analysts’ expectation of $3.16.

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