Pfizer's Revenue Forecast Slashed as COVID Sales Decline
Pfizer has reduced its full-year revenue forecast by 13% and announced plans to cut $3.5 billion in jobs and expenses due to lower-than-expected sales of its COVID-19 vaccine and treatment. The company's revenue in 2021 and 2022 exceeded $100 billion, but with declining vaccination rates and decreased demand for treatments, Pfizer has adjusted its expectations. The cost-cutting program aims to achieve annual savings of at least $3.5 billion by the end of 2024, and the company will take a non-cash charge of $5.5 billion in the third quarter. Pfizer has also revised its sales forecast for its antiviral COVID treatment Paxlovid and its COVID vaccine.
