Pfizer struggles to claw back faith with Wall Street and its employees as it recovers from the Covid decline
What financial forecasts did Pfizer make for 2023?
Pfizer forecasted a steep drop in annual revenue for 2023, to between $67 billion and $71 billion, with $13.5 billion and $8 billion in sales of Covid vaccines and Paxlovid, respectively. However, the actual revenue for 2023 was $58.5 billion, including $11.22 billion from its Covid vaccine and $1.28 billion from Paxlovid.
What caused Pfizer's sudden business decline in 2023?
Pfizer's sudden business decline in 2023 was primarily caused by the decrease in demand for its Covid-19 vaccine and Paxlovid antiviral pill as the pandemic receded and people returned to their pre-pandemic lives. This led to a significant drop in revenue from Covid products, which had contributed to the company's record-breaking sales in the previous years.
How has the reduction in Covid product demand affected Pfizer's workforce?
The reduction in Covid product demand has led Pfizer to cut costs, including layoffs, which have affected its workforce. Some employees felt betrayed, especially those involved in the research, development, and manufacturing of the Covid vaccine. The layoffs and return-to-office policies have caused plummeting employee morale and uncertainty about job security.