Pfizer's Disappointing 2024 Outlook Sends Shares Plummeting

Pfizer's shares plummeted after the company announced lower-than-expected sales forecasts for 2024, with revenue from its COVID-19 vaccine and treatment expected to be $5 billion below Wall Street expectations. The company cited a desire to be conservative and reliable in its projections, following uncertainties experienced this year. Pfizer's recent launch of an RSV vaccine has been disappointing, and COVID-19 vaccinations in the US have sharply declined. The company also forecasted lower adjusted profit for 2024. Pfizer's shares closed down 6.7%, resulting in a loss of nearly $11 billion in market capitalization.