Pfizer Cuts Annual Revenue Guidance By $9B Amid COVID-19 Vaccine Sales Slump, BioNTech Warns €900M Write-Offs
Portfolio Pulse from Vandana Singh
Pfizer Inc (PFE) has cut its full-year earnings and revenue guidance due to decreasing demand for its COVID-19 products. The company now expects 2023 sales of $58 billion-$61 billion, down from its previous guidance of $67 billion-$70 billion. Pfizer also launched a cost realignment program expected to deliver targeted savings of at least $3.5 billion. BioNTech SE (BNTX) flagged write-downs of up to €900 million, reflecting similar charges to Pfizer.
October 16, 2023 | 11:58 am
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BioNTech has flagged write-downs of up to €900 million, reflecting similar charges to Pfizer, which could negatively impact its stock price.
BioNTech's announcement of up to €900 million in write-downs, reflecting similar charges to Pfizer, could negatively impact investor sentiment and lead to a decrease in its stock price.
CONFIDENCE 100
IMPORTANCE 100
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NEGATIVE IMPACT
Pfizer has cut its revenue outlook due to decreasing demand for its COVID-19 products, which could negatively impact its stock price.
The decrease in demand for Pfizer's COVID-19 products has led to a cut in its revenue outlook, which could negatively impact investor sentiment and lead to a decrease in its stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100