Pfizer forecasts 2024 revenue below Wall Street expectations (updated)
13/12/2023 11:54
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Dec 13 (Reuters) - Pfizer PFE.N on Wednesday forecast
2024 revenue that was below Wall Street expectations and raised
its cost-cut target by $500 million.
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. It includes the contribution
from sales of Seagen's products.
Sales of Paxlovid and the vaccine Pfizer makes with German
partner BioNTech 22UAy.DE had boosted revenue over the last
two years, helping it generate more than $100 billion in 2022.
But a drop in annual vaccination rates and demand for the
treatments have forced the company to launch a program in
October to cut jobs and expenses to save as much as $3.5
billion.
The company, which employs roughly 83,000 employees
globally, in November cut 500 jobs at its Sandwich, Kent site in
the UK.
Shares of the company were down 1% in premarket trading.
(Reporting by Leroy Leo in Bengaluru; Editing by Arun Koyyur)
((Leroy.Dsouza@thomsonreuters.com ; https://twitter.com/LeroyLeo7;))