October 4, 2023

Shares of vaccine makers moved lower Monday after Pfizer’s finance chief predicted weaker demand for Covid shots this year.

Pfizer CFO David Denton said his company projects a roughly 24% Covid vaccination rate in the U.S. this year.

“Keep in mind the flu is probably closer to a 50% vaccination rate, so we haircut that pretty significantly for the year,” Denton said at a JPMorgan conference.

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