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.

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Source Fool.com