{"id":1432728,"date":"2023-10-13T21:01:51","date_gmt":"2023-10-14T01:01:51","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1432728"},"modified":"2023-10-13T21:01:51","modified_gmt":"2023-10-14T01:01:51","slug":"pfizer-crashes-after-slashing-profit-guidance-by-more-than-half-on-collapsing-demand-for-covid-meds","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/pfizer-crashes-after-slashing-profit-guidance-by-more-than-half-on-collapsing-demand-for-covid-meds\/1432728\/","title":{"rendered":"Pfizer Crashes After Slashing Profit Guidance By More Than Half On Collapsing Demand For Covid Meds"},"content":{"rendered":"

Pfizer Crashes After Slashing Profit Guidance By More Than Half On Collapsing Demand For Covid Meds<\/span><\/p>\n

\n

Pfizer just lobbed a legendary Friday evening bomb when it slashed its revenue and earnings forecasts <\/a>for the year as it agreed to take returns from the US of its Covid antiviral Paxlovid amid collapsing demand.<\/p>\n

Waiting patiently until after the market closed on Friday, the company said it now sees 2023 revenue of only $58 billion to $61 billion, down $9 billion from its previous estimate of $67 billion to $70 billion. <\/strong><\/p>\n

The drugmaker\u00a0said\u00a0adjusted EPS are now expected to be between $1.45 a share and $1.65 a share, <\/strong>down by more than half from its previous earnings forecast of $3.25 a share to $3.45 a share.<\/p>\n

<\/a><\/p>\n

Some more details from the press release<\/a>:<\/p>\n

Sees $5.5B Non-Cash Charge in 3Q From Covid Inventory
\n\tCuts 2023 Outlook for Paxlovid Revenue by About $7B
\n\t\tCuts outlook for Comirnaty revenue by about $2.0 billion<\/p>\n

\tAt the end of 2023, Pfizer will accept a non-cash return of any remaining Emergency Use Authorized-labeled U.S. government inventory, estimated to be 7.9 million treatment courses<\/strong>, and in the fourth quarter, will reverse the associated revenues currently estimated to be approximately $4.2 billion
\n\tAny remaining EUA-labeled treatment courses previously purchased by the U.S. government will be converted to a volume-based credit
\n\tBeginning in 2024, Pfizer will sell Paxlovid to privately insured patients (commercial) with prices to be negotiated with payers<\/p>\n

In addition, in the fourth quarter of 2023, Pfizer announced that the company has launched a multi-year, enterprise-wide “cost realignment program”<\/strong> that will realign its costs with its longer-term revenue expectations. The program is expected to deliver targeted savings of at least $3.5 billion, of which $1.0 billion is expected to be realized in 2023 and an additional $2.5 billion is expected to be realized in 2024<\/strong>.<\/p>\n

Translation: thousands are about to lose their jobs.<\/p>\n

The one-time costs to achieve the savings associated with the new cost realignment program are expected to be approximately $3.0 billion, of which the majority is expected to be cash. These costs will primarily include severance and implementation costs<\/strong>. Pfizer will continue to refine the estimated targeted savings and their associated costs over the remainder of the year and will incorporate them into its full-year guidance for 2024.<\/p>\n

The stock tumbled as much as 10%, briefly sliding below $30 after closing just over $32, down more than 50% from its all time high over $60 hit in late 2021, and tumbling to the lowest level since Dec 2014.<\/p>\n

<\/a><\/p>\n

Needless to say, Pfizer mcPfizerface has been indefinitely mothballed.<\/p>\n

*PFIZER JUMPS AS MUCH AS 6.8% TO RECORD DEFYING MARKET ROUT<\/p>\n

behold Pfizer McPfizerface pic.twitter.com\/hCZwT0DAW6<\/a><\/p>\n

\u2014 zerohedge (@zerohedge) November 26, 2021<\/a><\/p>\n

The company better get Fauci and EcoHealth alliance to commission a new Wuhan-special wonderbrew soon, or else this one-hit wonder is set to plumb decade lows.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 10\/13\/2023 – 17:01<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/pfizer-crashes-after-slashing-profit-guidance-more-half-collapsing-demand-covid-meds<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Pfizer Crashes After Slashing Profit Guidance By More Than Half On Collapsing Demand For Covid Meds Pfizer just lobbed a legendary Friday evening bomb when…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1432728","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-60Iw","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1432728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1432728"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1432728\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1432728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1432728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1432728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}