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Pfizer has slashed its full-year revenue forecast by 13% and said it will cut $3.5 billion worth of jobs and expenses due to lower-than-expected sales of its COVID-19 vaccine and treatment.
(Reuters) -Pfizer on Friday slashed its full-year revenue forecast by around 13% and launched a $3.5 billion cost cutting program due to lower-than-ex...
Pfizer on Friday slashed its full-year revenue forecast by around 13% and launched a $3.5 billion cost cutting program due to lower-than-expected sales of its COVID-19 vaccine and treatment. ...
(Reuters) -Pfizer on Friday slashed its full-year revenue forecast by 13% and said it will cut $3.5 billion worth of jobs and expenses due to lower-than-expected sales of its COVID-19 vaccine and treatment. Pfizer earned record revenue in 2021 and 2022, topping $100 billion last year, after developing its vaccine Comirnaty with German partner BioNTech SE and antiviral treatment Paxlovid on its own. But annual vaccination rates have dropped sharply since 2021 and demand for treatments has dipped as population-wide immunity has increased from vaccines and prior infections.
(Reuters) -Pfizer on Friday slashed its full-year revenue forecast by 13% and said it will cut $3.5 billion worth of jobs and expenses due to lower-than-expected sales of its COVID-19 vaccine and treatment. Pfizer earned record revenue in 2021 and 2022, topping $100 billion last year, after developing its vaccine Comirnaty with German partner BioNTech SE and antiviral treatment Paxlovid on its own. But annual vaccination rates have dropped sharply since 2021 and demand for treatments has dipped as population-wide immunity has increased from vaccines and prior infections.