A recent report says Pfizer's market capitalization will nearly be cut in half in 2023, making it the worst year for the company's stock this century.
By the time the market closed a few days before New Year's Eve 2023, the stock had fallen 44%, hitting a 10-year low, with the company's stock plummeting from $51 per share at the start of the year to $26.
as washington examiner He noted that its year-end market capitalization of $162 billion was less than half of what it was during the coronavirus vaccine gold rush two years ago.
“Pfizer has doubled and tripled the price of its COVID-19 vaccine and treatment Paxlovid tablets,” said Josh Brown, CEO of financial management firm Ritholz Wealth. Stated.
However, in 2023, Use of vaccines Once the company's most formidable driver, it has steadily nosedived. A decline in usage was expected, but a small uptick toward the end of 2022 showed some hope for vaccine makers.
After the CDC stopped tracking the numbers on May 11, 2023, when President Biden officially declared an end to the coronavirus emergency, the number of new doses administered fell to just under 12,000 per day.
Compare that to two years ago, when more than 2 million vaccines were administered per day.
56 million Americans Bivalent COVID-19 Booster, this clearly wasn't enough to move the needle on Pfizer stock. That's why the company nearly quadrupled the price of its coronavirus vaccine in October 2023, from $19.50 per dose to about $120. commission report.
bar graph He noted that part of Pfizer's plan includes acquiring new drug companies to continue to maintain profits. Specifically, the company: Acquisition of Seagen Inc.is a company focused on cancer treatment.
Despite the apparent decline in Pfizer's profits in 2023, the company has managed to increase its dividend, and in 2024 it is expected to generate revenue of $58.5 billion to $61.5 billion. Additionally, the company hopes to add $25 billion in sales by 2020, a common goal. In 2030.
For reference, competitors and also major pharmaceutical companies Eli Lilly is poised to make big gains in 2023, with the stock price up more than 60% on the pole vault.
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