{"id":2069541,"date":"2023-10-16T19:25:04","date_gmt":"2023-10-16T23:25:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-slashes-profit-estimates-says-vaccine-sales-much-lower\/"},"modified":"2023-10-16T19:29:24","modified_gmt":"2023-10-16T23:29:24","slug":"pfizer-slashes-profit-estimates-says-vaccine-sales-much-lower","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-slashes-profit-estimates-says-vaccine-sales-much-lower\/","title":{"rendered":"Pfizer reduces profit forecasts, cites lower vaccine sales."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fpfizer-slashes-profit-estimates-says-vaccine-sales-much-lower%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2069541&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><blockquote>\n<div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>Pharmaceutical giant \u2064Pfizer has made a significant\u200c revision\u200b to its profit\u2062 and revenue estimates for the year,\u200d citing a decline in demand for COVID-19\u2064 vaccines \u2064and other products. The company now\u200d expects sales of $58 \u200dbillion\u200d to $61 billion in 2023, down\u2062 from \u2064its previous forecast of $67 \u200dbillion\u2062 to $70 billion. This adjustment is\u2063 primarily due to lower-than-expected\u2062 rates \u2062of vaccination \u2064and the\u200d slow rollout of Pfizer&#8217;s latest COVID-19 \u200dbooster.\u200c As a result, Pfizer&#8217;s stock has experienced a decline, closing down about 2 percent on Friday.<\/p>\n<p>In addition to the decrease in vaccine sales, Pfizer has\u200b also \u200creduced its guidance for Paxlovid, an antiviral\u2063 drug targeting COVID-19, by approximately $7 billion. Despite these challenges, Pfizer\u2063 CEO Albert Bourla remains optimistic, \u2064stating\u200c that \u200bthe company&#8217;s scientific breakthroughs have played\u2062 a significant role in controlling the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/protesters-target-democratic-senator-for-opposing-15-minimum-wage\/\" title=\"Protesters Target Democratic Senator For Opposing  Minimum Wage\">global health crisis<\/a>.<\/p>\n<h2>Related Stories<\/h2>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/world\/health-canada-authorizes-updated-pfizer-biontech-covid-vaccine-5500626?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Health Canada Authorizes Updated Pfizer-BioNTech COVID Vaccine<\/strong><\/a>  \u200b- Published on 9\/28\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/world\/father-launches-lawsuit-against-government-pfizer-alleging-covid-19-shot-led-to-sons-death-5499837?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Father Launches\u200b Lawsuit\u200b Against Government, Pfizer, Alleging COVID-19 Shot Led to Son\u2019s Death<\/strong><\/a>  -\u2064 Published on 9\/27\/2023<\/li>\n<\/ul>\n<p>Pfizer&#8217;s financial\u2063 challenges extend beyond its revenue \u2063forecast. \u200cThe company plans to \u2064take a non-cash charge of $5.5 billion \u200bin the\u2062 third\u2062 quarter to write off Paxlovid and other charges related to the vaccine. To mitigate \u2062these losses, Pfizer\u200b will implement a cost-cutting program, \u200dtargeting annual savings of at least $3.5\u2062 billion by the end of 2024. Layoffs are \u2063expected as part of \u200cthis program, although specific\u2063 details have \u200dnot been\u2063 provided.<\/p>\n<p>Despite these setbacks, Pfizer remains committed to its mission \u200dof providing affordable healthcare. The company has reached an \u2062agreement\u2062 with the U.S. government\u2064 to \u2063supply Paxlovid free-of-charge to uninsured and underinsured Americans through \u200c2028. Additionally, Pfizer will contribute \u200bone million courses \u2064of Paxlovid to the Strategic National Stockpile. The drug is expected to become commercially available to individuals with private insurance starting January 1.<\/p>\n<h2>Other Data<\/h2>\n<p>The latest guidance from Pfizer sheds light on COVID-19 vaccination rates, which\u200c have \u2064not been\u2063 reported by the CDC since May 2023. According\u2063 to recent statements,\u200d approximately 7 million Americans have \u200creceived booster \u200cshots from\u2062 Pfizer, Moderna, and \u2064Novavax, representing about 2 \u200dpercent of the population. The\u200b CDC attributes the shift in vaccine distribution to\u2064 the private market and is \u200cworking closely \u200bwith manufacturers and distributors to ensure widespread availability.<\/p>\n<p>Prior data\u200b from the \u2063CDC and HHS indicates that around \u206217 percent of \u2064the U.S. population has received previous vaccine updates, totaling approximately 56.5 million \u200dpeople.\u200d Despite the recent push for vaccination, \u200dhospitalizations for COVID-19 have been declining for three consecutive weeks. \u200cThe hospitalization \u200crate is down by 6 percent, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/covid-19-pandemic-drives-record-breaking-number-of-drug-overdoses\/\" title=\"COVID-19 Pandemic Drives \u2018Record Breaking\u2019 Number Of Drug Overdoses\">emergency department visits<\/a> are down by 14.5 percent, and COVID-19 cases are down\u2062 1.2 percent.\u2064 However, \u200ddeaths have \u200dincreased\u200c by 3.8 percent, which is consistent with the lag between hospitalizations \u2063and fatalities.<\/p>\n<p>While Pfizer\u2063 faces \u2064challenges in \u2063the market, the company remains committed to its mission of providing\u2064 effective healthcare solutions. With ongoing efforts to control\u200d the global health crisis, Pfizer aims to estimate\u200d the\u200c appropriate\u200d level of supply to meet demand.<\/p>\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>Pfizer CEO \u200cAlbert Bourla gestures during a session at \u2062the World Economic Forum annual meeting in Davos on May \u200b25, 2022. (Fabrice Coffrini\/AFP via Getty Images)<\/figcaption><\/figure>\n<p><em>Reuters\u200d contributed to this report.<\/em><\/p>\n<\/div>\n<\/blockquote>\n<p> <\/p>\n<h2> How is Pfizer addressing the global disparity in vaccine distribution and ensuring access to its COVID-19 vaccine in low- and middle-income countries?<\/h2>\n<p><span>  Pply an additional 500\u2063 million doses of its COVID-19 \u2064vaccine to low- \u200band middle-income\u200b countries. This effort \u2064aims to address\u200b the global disparity \u2063in vaccine distribution and ensure that everyone, regardless of their economic status, has access to life-saving vaccines.<\/p>\n<p>Pfizer&#8217;s commitment to affordable healthcare is further demonstrated through its partnership with BioNTech to develop a COVID-19 vaccine\u200d that is suitable for children aged 5 to 11. Clinical trials have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fla-gov-desantis-highlights-monoclonal-antibodies-treatment-at-roundtable-on-covid-19\/\" title=\"Fla. Gov. DeSantis highlights monoclonal antibodies treatment at roundtable on COVID-19\">shown promising results<\/a>, and the companies expect to submit the data to regulatory authorities in the coming \u2064weeks. If approved, this vaccine will\u2062 play a crucial role in controlling the spread of the virus among children and ensuring their safety.<\/p>\n<p>Furthermore, Pfizer is actively\u2062 involved in researching and developing\u200c new treatments for various diseases. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pfizer-slashes-profit-estimates-says-vaccine-sales-much-lower\/\" title=\"Pfizer reduces profit forecasts, cites lower vaccine sales.\">company recently announced positive results<\/a> from its Phase 2\u2064 trial of an investigational Alzheimer&#8217;s disease treatment. The drug, called PF-05221304, showed significant improvement in cognitive function compared to a \u2062placebo. This breakthrough in Alzheimer&#8217;s research brings hope to millions of people affected by the disease and their families.<\/p>\n<p>Despite the challenges Pfizer faces in terms \u2062of declining\u2062 sales and financial adjustments, the company&#8217;s commitment to innovation and public health remains steadfast. Pfizer&#8217;s efforts to provide affordable healthcare, expand\u2062 vaccine access, and invest in groundbreaking research showcase its dedication to improving \u2063global health outcomes.<\/p>\n<p>The future remains \u2064uncertain\u200d for Pfizer, as the trajectory of the COVID-19 pandemic and global vaccination efforts continue\u2064 to evolve. However, with its established track record, scientific expertise, and commitment to public health, Pfizer is well-positioned to overcome these challenges and contribute to the eventual end of the pandemic.<\/p>\n<p>Related Stories:<\/p>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/world\/health-canada-authorizes-updated-pfizer-biontech-covid-vaccine-5500626?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Health Canada Authorizes Updated \u200dPfizer-BioNTech COVID Vaccine<\/strong><\/a>  &#8211; Published on 9\/28\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/world\/father-launches-lawsuit-against-government-pfizer-alleging-covid-19-shot-led-to-sons-death-5499837?ea_src=author_manual&#038;ea_med=related_stories\"><strong>Father Launches\u200b Lawsuit\u200b Against Government, Pfizer, Alleging \u2063COVID-19 Shot \u2064Led to Son\u2019s\u200b Death<\/strong><\/a>  -\u200c Published on 9\/27\/2023<\/li>\n<\/ul>\n<p>  In conclusion, Pfizer&#8217;s revision\u200c of\u2064 its profit and revenue estimates reflects the impact of lower-than-expected vaccination rates and the slow rollout of its latest COVID-19 booster. \u200dHowever, the company&#8217;s commitment to affordable healthcare, vaccine access, and innovative research remains unwavering. Despite the \u200dchallenges ahead, Pfizer&#8217;s expertise and dedication\u2064 position it as a key player in the global fight against COVID-19 and other diseases.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pharmaceutical giant Pfizer has revised its profit and revenue projections for the year, citing a decline in demand for COVID-19 vaccines and other products. The company now anticipates sales of $58 billion to $61 billion in 2023, down from the previous estimate of $67 billion to $70 billion, as stated in its recently published guidance report.<\/p>\n","protected":false},"author":58,"featured_media":2069542,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2069541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2069541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2069541"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2069541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2069542"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2069541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2069541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2069541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}