Pfizer is endeavoring to restore its business and regain the confidence of Wall Street in the wake of a significant decrease in its revenue during the COVID-19 pandemic. Despite recent financial success, the organization is currently grappling with issues related to employee morale. CNBC interviewed 11 current and former employees, who requested anonymity due to fear of retaliation, about Pfizer's current reversal strategy, its rapid rise, and subsequent decline. Just recently, Pfizer's stock closed 6% higher after surpassing quarterly analyst expectations and increasing its full-year outlook. This represents an immense improvement from the previous year, during which Pfizer's shares experienced a 40% decline, rendering it one of the most underperforming large pharmaceutical equities of 2023. Less than half of its 2021 apex of nearly $350 billion, the company's market cap is currently approximately $157 billion.
Pfizer and the German company BioNTech were commended for the development and distribution of a lifesaving COVID-19 vaccine. The company is simultaneously working to enhance employee morale while striving to turn a corner. Nevertheless, a multiyear cost-cutting initiative that was unveiled in May has incited concerns regarding potential redundancies, particularly among employees in the manufacturing and supply chain sectors, leading to a decline in morale and employee motivation. Pfizer anticipated a substantial decline in annual revenue to between $67 billion and $71 billion in January 2023. This figure included $13.5 billion from Covid vaccine sales and $8 billion from Paxlovid sales. Pfizer is dedicated to resolving employee concerns and stabilizing its business in the context of its turnaround strategy, despite the obstacles it faces.
