Pfizer has lost $144billion in value and $88billion in market share since its peak a year ago with the success of its COVID vaccine.
The pharma giant enjoyed a record $100billion in sales last year due to its COVID vaccine and drug.
After becoming the first big pharma firm to break the billion-dollar barrier, its performance fell off a cliff this year….but am sure they will bounce back with something to treat the increasing rise in heart problems.
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The Mail Online reports: 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.
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.
The New York-based drugmaker cut back slower-growing businesses that provided steady cash flow prior to the pandemic, instead betting on higher-growth but more volatile prescription drugs.
It paid off handsomely during the pandemic as Pfizer sold billions of the COVID-19 shots it developed alongside Germany’s BioNTech.
Company shares reached a record high of around $61 in December 2021 at the height of the Omicron variant.
But it has since come crashing down to earth, with its shares now worth around $35
