Pfizer falls after overestimating post-pandemic-product sales, WSJ reports

Not long ago, Pfizer was among the most admired companies, delivering the COVID-19 vaccine in record time, which helped push its revenue past $100B, Jared Hopkins of The Wall Street Journal report. Just a few days ago now, however, the company announced it was embarking on a $3.5B cost-cutting effort, which would include layoffs. Furthermore, this week the company’s shares fell to its lowest in over a decade. Pfizer quick fall is due to a combination of missteps and misreading the American public’s behavior. Pfizer overestimated future demand for its pandemic products and its other products couldn’t close the gap to reach prior revenue levels.