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Cost Cutting Plan

All articles tagged with #cost cutting plan

finance1 year ago

Novavax's Quarterly Performance Disappoints, Stock Falls

Novavax stock fell over 20% after reporting fourth-quarter revenue and earnings that missed estimates, with expectations of flat or lower 2024 sales. The company's net loss was $178.4 million, or $1.44 per share, for the quarter, and it expects 2024 revenue between $800 million and $1 billion. Novavax plans to slash expenses and focus on developing a combination vaccine targeting Covid and the flu, with a late-stage trial expected in the second half of the year. The stock recently received a boost after settling a dispute with Gavi, a global vaccine organization, over a canceled Covid vaccine purchase agreement.

via CNBC|
#cost-cutting-plan#finance#novavax
business1 year ago

Forvia Announces Plan to Cut 10,000 Jobs Amid Electric-Vehicle Transition

Forvia, a major automotive supplier for Stellantis, Volkswagen, Tesla, and Ford, plans to cut up to 10,000 jobs in Europe over the next five years as part of a cost-cutting plan to boost competitiveness. The company, which reported sales of €27.25 billion for 2023, aims to reduce its dependence on China and address overcapacity primarily in seating, interiors, and lighting. This move comes amid a broader trend of automakers shifting to electric vehicles, leading to excess capacity and job cuts across the automotive supplier industry.

via Electrek.co|
#automotive-supplier#business#cost-cutting-plan
business2 years ago

Pfizer's Disappointing 2024 Forecast Sends Shares Tumbling

Pfizer's shares fell after the company provided a disappointing revenue and profit forecast for 2024, citing weak demand for its once-popular Covid products. The drugmaker expects 2024 revenue of $58.5 billion to $61.5 billion, below Wall Street's expectations of $63.17 billion. Pfizer's forecast suggests that revenue next year could decline or remain flat compared to 2023. The company also raised the target of its cost-cutting plan to $4 billion and expects $8 billion in revenue from its Covid products in 2024, significantly lower than analysts' expectations of $13.8 billion. Pfizer's stock has fallen over 40% this year and is trading below pre-pandemic levels.

via CNBC|
#business#cost-cutting-plan#covid-products
business2 years ago

Pfizer's Q3 Earnings Impacted by Paxlovid and Covid Vaccine Write-offs

Pfizer reported a narrower than expected adjusted loss for the third quarter, but recorded charges related to struggles with its Covid antiviral treatment Paxlovid and Covid vaccine. The company faced lower-than-expected use of Covid products, resulting in a $5.6 billion charge for inventory write-offs. Pfizer's revenue for the quarter was $13.23 billion, down 42% from the same period last year, primarily due to declining sales of its Covid products. The company's Covid vaccine sales were down 70% from the year-ago quarter, while Paxlovid revenue dropped 97%. Pfizer reiterated its full-year adjusted earnings and revenue guidance, which is significantly lower than initial projections, and announced a $3.5 billion cost-cutting plan. The company aims to shift investor focus towards its non-Covid drugs, recent product launches, and growth opportunities such as mergers and acquisitions.

via CNBC|
#business#cost-cutting-plan#covid-19