Pfizer stock plummets as people turn away from Covid boosters

by Darian Douraghy at

Pfizer’s shares are plunging downwards to their worst performance in over a decade after the pharmaceutical giant put out a stark warning about its projected revenue as hysteria over the Covid-19 outbreak continues to wane.

Recent financial results and projections alike have not fared well for Pfizer; shares dropped 8 percent on Thursday morning, and the company has lost $140 billion in market cap this year alone. 

Pfizer projects that revenue could fall next year and has put out a 2024 guidance that is below analyst expectations, according to a new report by The Wall Street Journal.

As The Journal notes, such a warning brings grave concerns for Wall Street as to how Pfizer will be able to create new sources of sales growth. Such a situation sets up a hefty challenge for Chief Executive Officer Albert Bourla to overcome.

While Bourla’s Pfizer enjoyed a strong financial performance during the Covid-19 outbreak, with its Comirnaty shots and Paxlovid drugs bringing in tens of billions of dollars in sales, decreased interest has now stung the pharmaceutical giant. 

A new study by the University of Arizona Mel and Enid Zuckerman College of Public Health published in October found that over 80% of the people who were eligible to receive Covid booster shots last fall chose not to get them.