Why are the leftists refusing to keep buying covid drugs and vaccines now? They've cause Pfizer shares to collapse to a 10 year low on tanking covid sales.
Pfizer on Wednesday forecast 2024 sales that could be as much as $5 billion below Wall Street expectations, a move top executives said provided a more reliable view of its COVID-19 business than it had this year, driving shares down 9% to a 10-year low.
Pfizer's COVID-19 vaccines and treatments revenues, which peaked at $57 billion, are now expected to be $8 billion in 2024. That compares to the $13 billion analysts had foreseen and is down from Pfizer's lowered forecast for $12.5 billion in 2023.
Do you make a post like this for every business that goes through peaks and troughs in its business cycles? This is what the savvy folks call a buying opportunity.
Pfizer's price peaked in January 2022 when the relatively mild Omicron pretty much infected half the population. The vaxxed thought, "Well, that didn't prevent covid" and the unvaxxed thought, "Hey, that wasn't so bad." As a result, sales of the vaccine tanked.
The share price has been in a steady downtrend since then. The more recent decline could be linked to Pfizer's announcement on December 1st that their new anti-obesity pill will not advance from Phase 2 clinical trials because it made people sick.
Pfizer announced Wednesday that its 2024 sales forecast would be $5B lower than Wall Street expectations. Looking at the 5 minute charts, it looks like someone dumped PFE in the premarket hours starting at 5:40am around 28.75 and there simply weren't any buyers. The stock leveled off 15 minutes later below 26.
It doesn't look like the seller(s) sold a lot of shares, but sometimes it doesn't take as much volume to move a stock in the pre-market hours.
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