Why Things Could Get Worse for Pfizer Stock Before They Get Better
A few years ago, in the race to launch a COVID-19 vaccine, (NYSE: PFE) stock was a hot buy after the company ended up with a highly successful product in Comirnaty. The uncertainty surrounding COVID and the potential for there to be a need for ongoing annual shots made investors bullish that the public health crisis could even lead to a long-term revenue boost for the business.
Instead, demand has waned significantly. According to data from Pew Research, just 28% of American adults now say they have received an updated COVID vaccine. Those figures were as high as 69% back in August 2021, when concerns around COVID were still widespread. As a result, Pfizer needs to adjust its business so that it's no longer reliant on Comirnaty and Paxlovid (its COVID pill), which generated a combined $12 billion in revenue for the company last year and nearly $57 billion in 2022.
The drugmaker does have a plan to turn its business around, and so there is hope that things will get better in the long run. But investors will need to be patient.
Source Fool.com
Pfizer Inc. Stock
The stock is one of the favorites of our community with 28 Buy predictions and 4 Sell predictions.
As a result the target price of 41 € shows a positive potential of 44.37% compared to the current price of 28.4 € for Pfizer Inc..
