Pfizer Inc. (PFE)

Shares of Pfizer Inc. (PFE) dropped by 6.72% from $28.58 to $26.66 in the trading on Wednesday, December 13, 2023. The reason why PFE down today is due to the company's ongoing struggle to bolster its stock price, driven by lower-than-expected projections for fiscal year 2024 earnings and revenues.

• Earnings Projections: Pfizer aimed for FY24 earnings per share (EPS) in the range of $2.05-2.25, indicating a 39% year-over-year increase at the midpoint. However, these figures fell well below consensus estimates.
• Revenue Outlook: The company's revenue forecast for FY24 was also disappointing, with projected revenues of $58.5-61.5 billion, indicating nearly flat year-over-year growth.
• Fading Demand: Declining demand for Pfizer's COVID-19 vaccine Comirnaty and treatment Paxlovid played a significant role in the company's subdued revenue expectations.
• Acquisition Impact: The acquisition of oncology drug maker Seagen (SGEN) in March, with its substantial debt load, had already been anticipated to weigh on Pfizer's earnings over the short term.
• Challenges and Headwinds: Pfizer faced several looming challenges, including a decline in COVID-19 vaccine sales, impending patent expirations for key drugs, such as Xeljanz in 2025 and Eliquis in 2026, and setbacks in its weight-loss drug danuglipron's development.

Shares of Pfizer Inc. (PFE) dropped by 5.12% from $30.47 to $28.91 in the trading on Friday, December 1, 2023. The reason why PFE is down today is due to Pfizer's decision to discontinue the development of a twice-daily version of the experimental weight-loss pill, danuglipron.

• Clinical Study Results: Pfizer based its decision on the results of a phase 2b clinical study of danuglipron. While the study did achieve its primary endpoint, showing significant placebo-adjusted weight loss of 5% to 9% at 26 weeks and 8% to 13% at 32 weeks, there were significant concerns.
• High Rates of Side Effects: The study revealed high rates of side effects, with up to 73% of patients experiencing nausea and up to 47% experiencing vomiting.
• High Discontinuation Rates: Additionally, the study reported high discontinuation rates, exceeding 50%.
• Impact on Pfizer: This decision had a significant impact on Pfizer, as danuglipron was considered one of the company's top pipeline candidates. Pfizer's CEO, Albert Bourla, had previously stated that the drug could potentially become a "$10 billion product for us in a market that could be $90 billion." This decision to halt the development of danuglipron's twice-daily version, given the adverse event and discontinuation rates, had a negative impact on Pfizer's stock price on December 1, 2023.

Pfizer, Inc. Stock (PFE) dropped by 1.56% from $33.27 to $32.75 in the trading on Tuesday October 17, 2023. The reasons why PFE stock down today include:

• Lower full-year outlook: The drug company said sales of its COVID-19 vaccine and its coronavirus treatment are weaker than it had expected and cut revenue projections by $9 billion for the year.
• Analyst price-target cuts: Truist Financial's Robyn Karnauskas reduced its price-target to $42 per share from the preceding $62. Despite that deep cut, she's still positive on Pfizer's future, as she maintained her buy recommendation.

Shares of Pfizer Inc. (PFE) fell 3.68% after it said it would stop develping an experiemtal obesity and diabetes drug because of elevated liver enzymes found in some patients in its studies.

https://www.fool.com/investing/2023/06/26/why-pfizer-stock-is-tanking-today/