Pfizer says that profit for 2023 will be down due to low demand for the Covid vaccine.
“We are in the middle of the Covid fatigue. Nobody wants to speak about Covid,” Pfizer CEO Albert Bourla said during a recent earnings call. “We have the big anti-vaccination rhetoric.”
Pfizer estimates an annual profit for 2023 of somewhere between $58-61 billion. Previous forecasts were between $67-70 billion. A Pfizer report says that this drop is “solely due to its Covid products” such as the new vaccine and Pfizer’s antiviral drug. The CDC estimates that only 2% of Americans have received the most recent Covid booster shot.
While $70 billion does not seem all that bad for a profit report, consider that Pfizer made over $100 billion last year from Covid products. Because of this drop, Pfizer says that it will have to resort to cost-cutting measures which includes layoffs starting next year.