US stock markets delivered stellar returns in the first half of the year and the Nasdaq 100 ($IUXX) had its best first-half performance ever while the Nasdaq Composite ($NASX) rose over 31% and had the best start to the year in four decades. However, Pfizer (PFE), whose COVID-19 vaccine made the company a household name, recently fell to a 52-week low. Why is Pfizer stock going down and should you buy the dip now?
Pfizer’s revenues also spiked and almost doubled in 2021 as countries globally scrambled to buy its COVID-19 vaccine. However, sales of COVID-19 vaccines have since plummeted and so have Pfizer’s revenues which are expected to fall over 32% YoY this year. Analysts expect Pfizer’s earnings to also fall 49% this year but see them rebounding 4.9% in 2024.
