Pfizer was successful during the epidemic with its COVID-19 vaccine and antiviral drugs, but it misjudged that it would be able to profit from COVID for a long time like the flu and invested heavily. Now its revenue has plummeted and it has cut off some research and development plans and laid off employees. Spend the day.
The Wall Street Journal pointed out that when Pfizer CEO Albert Bourla held an employee meeting with other top executives in October this year, employees around the world were glued to their computer screens. Because the company had previously announced that it would launch a $3.5 billion cost-cutting plan that included layoffs; Borla and executives explained that this was an adjustment needed to cope with growth.
However, employees did not buy what Borla and others said. Some people commented in the video discussion area that "the future is bright...but they may be fired" and "the fire to burn garbage is indeed bright."
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Not long ago, before the COVID-19 pandemic spread, Pfizer was one of the most profitable companies in the world. They launched COVID-19 vaccines and oral antiviral drugs in the shortest time, allowing the company's revenue to soar to more than 100 billion U.S. dollars, and employee morale is high.
Pfizer loses $140 billion in market value and 2,000 employees india telegram lose their jobs
But on the 14th, Pfizer's stock price closed at $26.13, a new low since June 5, 2013. Pfizer's stock price has fallen 49% so far this year, and its market value has evaporated by $140 billion, surpassing the old record of $67 billion in 2004; Pfizer's 80,000 More than 2,000 of the 3,000 employees have lost their jobs, including cancer scientists and R&D personnel in the United Kingdom and the United States. Some research projects have also been cut.
Outsiders believe that the reason for Pfizer's sudden plunge is that it miscalculated the American people's thoughts and overestimated the future demand for COVID-19 vaccines and drugs. After the epidemic crisis ended, sales of vaccines and drugs fell faster than the company expected, and other products were not enough to make up for the gap. Moderna, another company that made huge profits from vaccines during the epidemic, also encountered the same situation.
Annual sales of Pfizer's COVID-19 vaccine exceeded $36 billion in both 2021 and 2022, surpassing all prescription drugs in a single year in the past. Last year's vaccine, along with the antiviral oral drug Paxlovid, pushed Pfizer's performance past the $100 billion mark.
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