COVID Vaccine Makers' Stocks Drop as Pfizer Slashes Revenue Forecast on Falling Demand

Pfizer and other COVID vaccine makers' stocks fell Monday after Pfizer cut its revenue forecasts due to plummeting demand.

Pfizer shares fell over 3% in premarket trading. BioNTech shares fell over 6%. Moderna and Novavax stocks also declined.

Pfizer slashed its 2022 revenue forecast by 13% on Friday, cutting projections for its COVID vaccine and Paxlovid pill.

The cuts were greater than analysts expected. Pfizer cited sliding demand as the world exits the pandemic.

Pfizer announced a $3.5 billion cost-cutting program in preparation for the revenue hit. It took a $5.5 billion write-down due to excess COVID product inventory.