Pfizer shares sink after weak 2024 forecasts
Pfizer on Wednesday forecast 2024 sales that were as much as $5 billion below Wall Street expectations due mostly to declining demand for COVID vaccines and treatment, driving shares down 7% in premarket trading. The lower forecasts come a day after the drugmaker said it would reorganize its cancer division to include the acquisition of Seagen. The drugmaker's shares, which are already down over 44% this so far this year, were down 7% in premarket trading and set to erase over $10 billion in market capitalization, if losses continued during regular trading.