(Reuters) – Pfizer said on Wednesday it forecast 2024 profit and revenue below Wall Street expectations, sending its share price down 6% in pre-market trading, even as the company raised its cost reduction target by $500 million.
The US pharmaceutical company expects to achieve adjusted earnings of between $2.05 and $2.25 (1.90 and 2.09 euros) per share, compared to an estimate of $3.16, according to LSEG data. .
Revenue is expected to be between $58.5 billion and $61.5 billion, compared to a forecast of $63.17 billion, including Seagan’s contribution.
Sales of Paxlovid, an oral treatment for Covid-19, and its virus vaccine developed with German partner BioNTech have boosted Pfizer’s profits over the past two years.
However, a decline in vaccination campaigns and demand prompted the company to announce the loss of 500 jobs in the United Kingdom and a savings target of $3.5 billion.
(Reporting by Leroy Leo; by Zhifan Liu, editing by Kate Entringer)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
