Pfizer stock swung sharply lower early Wednesday after the pharmaceuticals heavyweight updated its 2024 earnings and revenue guidance. The updated numbers included results from cancer therapies leader Seagen (SGEN), the acquisition of which Pfizer now expects to close on Dec. 14.
A Pfizer (PFE)company statement Wednesday morning set out per share earnings targets of between $2.05 and $2.25 for the coming year. Analyst consensus is $3.17, according to FactSet. Management guided revenue to between $58.5B and $61.5B, putting the midpoint of $60 billion well below analysts expectations for $62.66 billion.
The company revenue target included expectations of $3.1 billion from Seagen, and approximately $8B in revenues from sales of Comirnaty and Paxlovid.
The deadline passed this week for the Federal Trade Commission to opposed Pfizer’s $43 billion takeover of Bothell, Wa.-based Seagen. Seagen is a leading developer of cancer fighting therapies called antibody-drug conjugates.
Pfizer stock price carved almost 7% lower in premarket trade, easily leading the declines among S&P 500 stocks. The stock has been locked in a steep, 12-month decline. At the end of trade Tuesday, shares were at their lowest level since the covid crash in March 2020.
Pfizer coronavirus vaccine partner BioNTech (BNTX) and rival vaccine maker Moderna (MRNA) were also off sharply in early grade, down 3.7% and 4.5%, respectively. Seagen shares were unchanged.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
