Pfizer, Moderna project revenue drops as pandemic recedes
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(NewsNation) — Pharmaceutical companies Pfizer and Moderna were at its peak during the COVID-19 pandemic after both developed vaccines and treatments that saved millions of lives and generated record sales.
But now that the pandemic is receding, both companies are estimating a big blow to their revenues this year.
Pfizer crossed the $100 billion mark in total annual sales in 2022, but the company forecasts 2023 sales of $67 million to $71 million.
Moderna forecasts $5 billion in COVID shot sales this year, but the company also projects it will have $6 million in costs.
NewsNation business contributor Lydia Moynihan joined “NewsNation: Rush Hour” to discuss the sales forecasts and how the downward COVID vaccine sales will impact the companies. You can watch her interview above.
