Pfizer's Slashed Outlook Sends Moderna and BioNTech Stocks Tumbling

Moderna and BioNTech stocks experienced a sell-off after Pfizer reduced its full-year sales guidance by $9 billion due to lower-than-expected demand for its Covid products. Pfizer wrote off $5.5 billion in inventory during Q3 and lowered its outlook for Comirnaty and Paxlovid. Despite the reduced guidance, analysts anticipate an increase in demand for Covid vaccines and treatments as winter approaches. Pfizer also announced a new agreement with the US government for Paxlovid, which includes a patient assistance program and doses for the national stockpile. Moderna stock faces profitability concerns, while BioNTech's sales outlook was also trimmed.