Are Investors Overreacting to Pfizer's Underwhelming Forecast for 2024?
(NYSE: PFE) stock has been in the dumps this year. It is struggling due to declining demand for its COVID products. And it may take some years before its top line starts rising meaningfully again. The company's recent forecast didn't help matters, either. But with the stock losing close to half its value this year, are investors being overly punitive on what's still a top healthcare company?
On Dec. 13, Pfizer unveiled its forecast for the coming year, and to say it wasn't an exciting one would be an understatement. For 2024, the company projects that its revenue will be within a range of $58.5 billion to $61.5 billion. And this even includes revenue it will generate from its recently closed acquisition of cancer company Seagen, which is no small operation -- Pfizer projects that Seagen will add $3.1 billion in revenue next year.
This year, the company projects its revenue to fall within a range of $58 billion to $61 billion. That means that Pfizer's business would likely experience a decline in revenue next year, if not for its recent acquisition. The best-case scenario for the company is that its revenue stays flat or achieves a modest increase in 2024. A year ago, Pfizer reported a record-breaking $100 billion in sales due to surging revenue from its COVID vaccine and pill.
Source Fool.com
Pfizer Inc. Stock
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