Pfizer (PFE) stock falls 6% on 2024 outlook

Pfizer (NYSE: PFE) shares fell more than 6% in pre-market trade on Wednesday after the company offered an outlook for the next year that trailed estimates.

Revenue is seen at $60 billion, up or down $1.5 billion, below the consensus of $63.1 billion.

Pfizer's revenue expectations for the near term include approximately $8 billion from COVID-19 products – Comirnaty and Paxlovid – as well as around $3.1 billion from Seagen.

Pfizer expects to complete the acquisition of Seagen on December 14.

Adjusted diluted EPS is anticipated to be in a range of $2.05 to $2.25, a big miss compared to the consensus of $3.16.

Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer, stated: “Pfizer’s product portfolio remains strong. In 2024, Comirnaty and Paxlovid are expected to deliver combined revenues of approximately $8 billion and our remaining portfolio of combined Pfizer and Seagen products is expected to achieve year-over-year operational revenue growth in the range of 8% to 10%.”

“In addition, we expect our cost realignment program to deliver savings of at least $4.0 billion by the end of 2024, which puts us on a path to potentially regain our pre-pandemic operating margins.

“We look forward to joining forces with Seagen and using our combined strengths to bring us ever closer to delivering long promised cures for certain cancers.”

By Senad Karaahmetovic

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