Pfizer considering cost cuts as Americans yawn at future COVID treatments and shots
Pfizer overestimated COVID vaccine uptake in 2023.
Pfizer says it is considering cutting costs in response to potential losses as fewer Americans take the pharmaceutical manufacturer's COVID-19 vaccine and antibody treatment.
Pfizer made the announcement on a quarterly earnings call Tuesday, reflecting the public's apathy towards the virus and the declining government support for COVID products, according to Axios.
The company estimated in January that 100 million COVID vaccines would be administered throughout the United States in 2023, with Pfizer accounting for 60% of the vaccines.
During the first six months of this year, just 12.4 million shots were administered in the U.S. as many Americans are expressing vaccine hesitancy.
"We are acutely aware that all these uncertainties are making it difficult to project the future revenues of Pfizer in this area and also affecting our stock prices," Pfizer CEO Albert Bourla said during the call.