Pfizer's Revenue Forecast for 2024 Causes Stock Price Drop

Pfizer's stock (PFE) experienced a slight decline of -0.21% in the latest trading session, trailing behind the S&P 500's gain of 0.46%. The company's stock has dropped by 1.17% in the past month, underperforming the Medical sector's gain of 4.8%. Analysts are closely watching Pfizer's upcoming earnings release, with projected earnings per share (EPS) of -$0.16, reflecting a 114.04% decrease from the same quarter last year. The Zacks Consensus Estimate for revenue is projecting a net sales decrease of 39.98% from the year-ago period. Pfizer currently holds a Zacks Rank of #3 (Hold) and is trading at a premium compared to the average Forward P/E ratio for its industry.