Pfizer Renews Trust on Wall Street and Among Employees Amid Covid-19 Recovery Efforts
Money | June 28, 2024, 7:25 a.m.
Pfizer experienced a stellar first quarter, impressing Wall Street with soaring stock prices after exceeding analyst expectations and raising its full-year outlook. The pharmaceutical giant's success, largely fueled by its Covid vaccine and antiviral pill, marked a stark contrast from a tumultuous 2023 when its stock plummeted over 40%. Despite being hailed as a pandemic hero, Pfizer faced a sharp decline in Covid product revenue as the world shifted away from the virus. To stabilize and win back Wall Street's favor, Pfizer launched a cost-cutting program, leading to job cuts and employee uncertainty at the company. However, while some employees remain optimistic about Pfizer's future direction, others feel disillusioned by the sudden changes. Amid the post-pandemic strategy shift, Pfizer struggles to boost employee morale and navigate a challenging landscape of layoffs, restructuring, and return-to-office policies. As Pfizer works to rebound, employee confidence in executive leadership wavers, with many feeling the company prioritizes stock performance over its workforce's well-being.