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Pfizer’s stock sinks after company cuts outlook on lower demand for COVID products

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Wallace Witkowski came to MarketWatch from the Associated Press in New York, where he covered the business of Big Pharma, after covering FDA regulation of many of the same companies, as well as medical devices, in the Washington, D.C., area.

Pfizer Inc. PFE, -2.46% shares dropped in the extended session Friday after the drug maker slashed its full-year outlook due to COVID product write offs. Pfizer shares dropped more than 7% after hours, following a 2.

5% decline to close the regular session at $32.11. The company forecast full-year earnings of $1.45 to $1.65 a share on revenue of $58 billion to $61 billion. Analysts surveyed by FactSet expect $3.29 a share on revenue of $65.96 billion.

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