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Pfizer Tumbles After Warning That Next Year Could Be Worse Than This Year

Updated Dec. 13, 2023 5:00 pm ET

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.

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