Reported about 9 hours ago
Pfizer announced it would implement an additional $1.7 billion in cost-cutting measures amidst a drop in first-quarter revenue, largely due to falling sales of its COVID-19 treatment, Paxlovid. The company reaffirmed its yearly forecast while revealing it anticipates total savings of approximately $7.7 billion by the end of 2027. Despite a higher adjusted earnings per share, analysts expressed concerns over future revenue growth, especially as the company navigates potential tariffs on pharmaceuticals and increased competition for several of its drugs.
Source: YAHOO