Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

📆 16/10/2023 12:20:00
📰 ForbesTech

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I am a senior reporter for the Forbes breaking news team, covering health and science from the London office. Previously I worked as a reporter for a trade publication covering big data and law and as a freelance journalist and policy analyst covering science, tech and health.

Who Is Potential Biden Primary Challenger Dean Phillips? Millionaire Former Gelato Exec Turned Congressman Would Be President’s Most Prominent OpponentStocks of Pfizer and other Covid vaccine makers like BioNTech and Moderna fell in premarket trading Monday after the company slashed its revenue forecasts last week, a change in fortune for the sector as demand for the pandemic-related products that propelled them to record profits last year plummets.

by 13% on Friday due to sliding demand for its Covid-19 products. Sales of the firm’s mRNA shot, produced jointly with BioNTech, and its antiviral drug Paxlovid helped it secure record profits last year but the firm hasits projections for Paxlovid by $7 billion and by around $2 billion for its Covid shots, which was greater than analystsit was launching a $3.5 billion cost-cutting program covering jobs and expenses as it prepares for the hit to its revenues.

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