Pfizer is currently grappling with its worst stock performance in over a decade, driven by a stark warning about its projected revenue amid diminishing concerns over the Covid-19 pandemic.

The company’s shares plummeted by 8 percent on Thursday morning, contributing to a staggering loss of $140 billion in market capitalization throughout this year.

The pharmaceutical industry has been significantly affected as the initial fervor surrounding Covid-19 vaccines and treatments wanes. Pfizer, which experienced robust financial performance during the peak of the pandemic with its Comirnaty shots and Paxlovid drugs generating tens of billions of dollars in sales, is now facing a challenging landscape as public interest diminishes.

JUST IN – Pfizer stock dives to a fresh multiyear low. pic.twitter.com/Gqd24B7QHX

— Disclose.tv (@disclosetv) December 13, 2023

A recent report by The Wall Street Journal highlights Pfizer’s projections that its revenue might decline in the coming year, and its 2024 guidance falls below analysts’ expectations. This warning raises serious concerns on Wall Street regarding Pfizer’s ability to identify and establish new sources of sales growth, presenting a formidable challenge for the company’s Chief Executive Officer, Albert Bourla.

Despite Pfizer’s past successes, the recent study from the University of Arizona Mel and Enid Zuckerman College of Public Health, published in October, revealed that over 80% of eligible individuals who could receive Covid booster shots last fall opted not to do so. This decline in booster shot uptake is contributing to Pfizer’s current struggle.

NEW – Pfizer Shares Sink on Weak 2024 Revenue Forecasts

“That is a big hit for a stock that has not looked pretty all year…It’s a drop of almost 50% at this point for the year-to-date.” pic.twitter.com/Kjb9JT0ac4

— Chief Nerd (@TheChiefNerd) December 13, 2023

For 2024, Pfizer has set a revenue target of $58.5 billion to $61.5 billion, a figure that falls short of the $62.66 billion anticipated by analysts surveyed by FactSet. Chief Financial Officer David Denton cautioned investors during a recent statement, indicating that while the company does not expect significant differences in Covid-19 inoculation rates in 2024 compared to the prior year, it is crucial to set conservative estimates and lower expectations to avoid uncertainty.

Adding to the challenges, Pfizer has announced a series of upcoming layoffs in recent months. The company’s stock has already seen a decline of over 44% this year even before the release of its 2024 guidance, painting a complex picture for Pfizer as it navigates the evolving landscape of post-pandemic pharmaceutical markets.