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Trends and Insights

1 Jan 2024

Pfizer Revenue Dips as COVID Vaccine Demand Drops

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After a peak of $28bn, Pfizer's last quarter's revenue fell to $13bn, [down 54%]( Expecting a further drop to $8bn for COVID shots in 2024, they've lost 7% in shares, hitting a 10-year market cap low at $147bn. Cost-cutting measures include laying off 2,000 workers and a $43bn acquisition of Seagen Inc. to offset declining vaccine sales.