Pfizer shares tumbled more than 7 per cent after the US drugmaker forecast 2024 revenues that were below consensus estimates, as the company attempts to chart a future for growth without blockbuster Covid-19 products.
The company said on Wednesday it expected 2024 revenues to fall to between $58.5bn and $61.5bn. An average of analyst estimates compiled by Reuters had seen revenues of $63.17bn for the same period.
When it released third-quarter earnings in October, Pfizer said it expected 2023 revenues to fall to between $58bn and $61bn, down from a previously issued guidance, in May this year, of $67bn to $71bn.
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