Pfizer's Bleak 2024 Outlook Dampens Investor Confidence

Pfizer's stock has plummeted 49% this year, on track for its worst year on record, as the company struggles to transition out of the pandemic and faces diminishing demand for Covid-19 shots and treatments. The drugmaker's disappointing 2024 revenue forecast has further dampened hopes for a rebound, with Wall Street analysts trimming their price targets on the stock. Pfizer's recent purchase of cancer drugmaker Seagen Inc. is seen as insufficient to fill the revenue void. The company's foray into weight-loss treatments has also faced setbacks. Rival Moderna Inc. is experiencing a similar decline in demand, highlighting the downside risk to the vaccine market.