Pfizer has lost $88billion in market share and $144billion in value since its market peak in just one year as the drugmaker suffers a major hangover from the success of its COVID vaccine. The pharmaceutical giant enjoyed a record $100billion in sales last year, powered by its COVID vaccine and drug.
But after becoming the first pharma firm to break the billion-dollar barrier, its performance has fallen off a cliff this year.
The company’s role in alleviating the worst of the pandemic has meant it has become a victim of its own success, as demand for its COVID products dwindles along with serious cases of the virus.
Shares are down 31 percent this year to date, a loss of more than $88billlion in market capitalization.
Pfizer’s valuation has dropped by $144billion since its 2021 peak.
This cycle is not unusual for pharmaceutical giants, which often suffer peaks and troughs when patents for their drugs expire.
Pfizer itself has endured similar sales drops in the past for Viagra and its anti-cholesterol drug Lipitor.
But its current plight has been exacerbated by its decision to slim down and become a growth stock, according to The Wall Street Journal......
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NN SEZ: This is obviously a Pfizer press release or something that Reddit posted and EU Times simply reprinted -- nothing wrong with that. It's obviously from an establishment view but sounds like great news for our kind.
I'm assuming we can assume from its wikid page that 88 or 144 billion means something to Pfizer -- its revenues were 100bn and its net income 31bn in 2022:
en.wikipedia.org/wiki/Pfizer This story comes by way of an excellent site I want y'all to keep in rotation -- EU-TIMES.COM. It's been chugging away in tragic obscurity for many, many years. Spread the world please -- help it grow! Mmmm, "Putin cancels South Africa visit after ICC arrest" -- that's-a nice sauce.
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