Pfizer forecasts 2024 revenue below Wall Street expectations

Pfizer on Wednesday forecast 2024 revenue that was below Wall Street expectations and raised its cost-cut target by $500 million.

The U.S. drugmaker expects its annual revenue to be in the range of $58.5 billion to $61.5 billion compared with analysts’ average estimate of $63.17 billion. It includes the contribution from sales of Seagen’s products.

Sales of Paxlovid and the vaccine Pfizer makes with German partner BioNTech had boosted revenue over the last two years, helping it generate more than $100 billion in 2022.

But a drop in annual vaccination rates and demand for the treatments have forced the company to launch a program in October to cut jobs and expenses to save as much as $3.5 billion.

The company, which employs roughly 83,000 employees globally, in November cut 500 jobs at its Sandwich, Kent site in the UK.

Shares of the company were down 1% in premarket trading.