Pfizer shares slump 7% as pandemic product sales fizzle

US drugmaker employs 4,000 people between Kildare, Dublin, and Ringaskiddy and has in the recent past indicated the facilities are safe despite some shrinkage of staff numbers

Pfizer raised its global cost-cutting target by $500m.

Pfizer forecast 2024 sales that could be as much as $5bn (€4.6bn) below expectations, a move top executives said provided a more reliable view of its covid business than it had this year, driving shares down 7% to a 10-year low.

Pfizer's covid vaccines and treatments revenues, which peaked at $57bn, are now expected to be $8bn in 2024. That compares to the $13bn analysts had foreseen and is down from Pfizer's lowered forecast for $12.5bn in 2023.