VOA News | Friday, October 13, 2023 
Pfizer Slashes Revenue Forecast on Lower COVID Sales, Will Cut Costs

Pfizer slashed its full-year revenue forecast by 13% and said Friday 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. Last year, revenue from those two products exceeded $56 billion. 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. Pfizer and rivals have begun selling an updated COVID vaccine for this fall. “We remain proud that our scientific breakthroughs played a significant role in getting the global health crisis under control,” Pfizer CEO Albert Boura said in a statement. “As we gain additional clarity around vaccination and treatment rates for COVID, we will be better able to…Read more