"Pfizer Stock Plummets as COVID Sales Decline and Write-Off Looms"

Pfizer issued a warning to the market, cutting revenue targets by $9 billion for the year due to lower-than-expected sales of its COVID treatments. The company will return 7.9 million oral antiviral COVID treatment courses and record a $5.5 billion non-cash charge for inventory write-offs. Pfizer plans a cost reduction program to deliver at least $3.5 billion in annual savings and expects adjusted EPS targets to fall from ~$3.35 to $1.55. The company's total sales for the year are now targeted at just below $60 billion. Investors should continue watching Pfizer as the biopharma faces volatility and uncertain business prospects.