Pfizer Slashed Its Guidance, but Is It Still a Smart Long-Term Buy?

Per updated guidance for its upcoming 2024 fiscal year, issued on Dec. 13, Pfizer (NYSE: PFE) has a bumpy road ahead -- at least for now. Amidst rapidly weakening coronavirus product revenue and significant cost cuts billeted for next year, the drugmaker's annual sales of more than $100.3 billion in 2022 are undeniably a thing of the past.

But as smart investors know, betting against one of an industry's capstone companies can mean missing out on returns over time. So is there still a long-term investing thesis for Pfizer, or are its best days in the past?

Let's take a beat to appreciate why it's perfectly reasonable for investors to be having doubts about this company's chances of being a good purchase, given its upcoming challenges. Management is expecting that the 2024 top line will be around $61.5 billion, at best. Given that it's anticipating a maximum of $61 billion for this year, the story is clear: There's no growth coming, at least in the near term.

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Source Fool.com