Pfizer, Moderna Stock Prices Down Considerably in 2023 theepochtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theepochtimes.com Daily Mail and Mail on Sunday newspapers.
The waning of the COVID-19 pandemic is reshaping the healthcare industry once again. Vaccine makers and pharmacy chains are seeing a decline in the number of people getting COVID shots, while makers of at-home rapid tests are going out of business. Companies that produced personal protective equipment have also shut down. The shift in demand is evident as Pfizer cuts $9 billion from its annual sales forecast due to declining demand for its COVID shots. While some healthcare businesses are benefiting from the return of routine checkups and procedures, others are feeling the pressure to adjust their expectations.
Waning interest in covid-19 vaccines has left a long-standing drug developer, Novavax Inc., struggling to stay afloat handing short sellers a windfall.
Novavax Inc. shares lost a third of their value after its covid-19 vaccine which trailed competitors getting to market failed to live up to expectations and the drugmaker slashed its 2022 revenue forecast.