(NYSE: PFE) celebrates its 175th anniversary this year, so the pharma giant has a long history. But the drugmaker actually jumped into the global spotlight not long ago when it launched its blockbuster coronavirus vaccine, Comirnaty, followed by top-selling COVID treatment Paxlovid. These two products helped Pfizer reach a record $100 billion in annual revenue in 2022.
The past year, though, has been a difficult one for the big pharma company. Demand for coronavirus products has been on the decline, weighing significantly on earnings. That and losses of exclusivity concerning certain big non-COVID products later this decade have hurt investors' appetite for Pfizer stock. The shares dropped 43% in 2023, a year that even CEO Albert Bourla says "was not a good year for us."
The company reported earnings for the fourth quarter and full-year 2023 this week, and though things remain difficult, Pfizer has offered investors some reasons to be optimistic about the future. Is the worst over for Pfizer? Let's find out.
Source Fool.com