Pfizer shares fall on report company cut its Covid vaccine rollout target – CNBC

Pfizer shares fall on report company cut its Covid vaccine rollout target – CNBC

Pfizer shares fell Thursday after a report said the U.S. drugmaker expects to ship half of the Covid-19 vaccines it originally planned for this year due to supply-chain problems.

The Wall Street Journal, citing a person directly involved in the development, said some early batches of the raw materials needed for the vaccine failed to meet standards. Pfizer now plans to ship 50 million vaccines by the end of the year, down from the original 100 million it had hoped to send out, according to the Journal.

“There are several factors which have impacted the number of doses estimated to be available in 2020,” Pfizer said in a statement. “For one, scaling up a vaccine at this pace is unprecedented, and we have made significant progress as we have moved forward in the unknown.”

The company has repeatedly said publicly that it planned to ship 50 million vaccine doses this year and up to 1.3 billion doses by the end of 2021. Still, Pfizer shares fell more than 2% in intraday trading Thursday before closing down more than 1% after the report published. In extended trading, the stock, which has a market value of $223 billion, was down less than 1%.

The report also caused sparked a late-day sell-off in the broader market.

Pfizer said Thursday, the scale up of the raw material supply chain took longer than expected. It also was delayed by the efforts it was making to produce vaccines for clinical
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