Pfizer’s COVID outlook cuts hit other vaccine maker shares

pfizer’s-covid-outlook-cuts-hit-other-vaccine-maker-shares
Pfizer’s COVID outlook cuts hit other vaccine maker shares

Pfizer’s announcement regarding the size of the U.S. COVID-19 vaccine and treatment market caused concern and led to a decline in shares of its partners BioNTech and Moderna. These vaccine makers heavily rely on the U.S. market as other countries have more limited campaigns for administering updated shots. COVID vaccines are the only approved products for BioNTech, Moderna, and Novavax. As a result of Pfizer’s announcement, BioNTech shares dropped 7.2%, Moderna shares were down 5%, and Novavax shares fell 7%. However, Pfizer’s shares were up nearly 5% due to a cost-cutting plan and new COVID sales outlook. Pfizer reduced its full-year sales forecast for its antiviral COVID treatment Paxlovid and the vaccine it developed with BioNTech due to a decrease in the use of pandemic-related products. Pfizer CEO Albert Bourla expects around 17% of the U.S. population to receive updated COVID shots during the current vaccination campaign, which is similar to last year but lower than the initial vaccine rollout in 2021. Bourla stated that this year’s demand will serve as the base rate, but Pfizer is monitoring the current campaign. He acknowledged that the U.S. is experiencing COVID fatigue, where people want to forget about the disease. Moderna maintained its revenue forecast for its COVID vaccine for 2023, but analysts expressed concerns about the company’s market forecast and spending rate. Pfizer’s new COVID outlook implies lower vaccine sales for Moderna than previously forecasted. BioNTech will take a write-down of up to 900 million euros, similar to Pfizer’s announcement, and most of the write-offs are related to raw materials and older vaccine versions. Pfizer’s total non-cash charge in the third quarter includes inventory write-offs for its antiviral Paxlovid. BioNTech declined to comment on its 2023 outlook. Pfizer’s shares trade at 9.8 times their 12-month forward earnings estimate, while BioNTech trades at 26.7.

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Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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