Stock prices for the pharmaceutical giant Pfizer fell after the company issued 2024 profit and revenue guidance that was short of Wall Street expectations due to a continued decline in demand for COVID-related products.

Pfizer shares tumbled to their lowest close in more than nine years, after the giant drugmaker overestimated Covid-19 vaccine use and the company was forced to warn about its prospects.

Shares fell 6.7% on Wednesday because the company, which has lost $140 billion in market cap this year, said its revenue could fall next year and issued 2024 guidance below analyst expectations.

The warning deepened Wall Street’s concerns about how one of the world’s biggest pharmaceutical companies would find new sources of sales growth and has set up a big test for Chief Executive Officer Albert Bourla.

[What a pity. ~ Beege]