Why has Pfizer dropped?

Why Pfizer Stock Dropped

During the height of the coronavirus pandemic, Pfizer experienced a massive surge in investor enthusiasm largely driven by its blockbuster COVID-19 vaccine. Wall Street rushed in, pushing share prices to historic highs as everyone anticipated endless demand for pandemic-related products.

However, that momentum could not last forever. As global health needs shifted and public health emergencies subsided, demand for COVID vaccines cooled off significantly. Without those record-breaking vaccine revenues rolling in at the same pace, the stock plunged from its 2021 peaks.

Compounding the issue, investors began looking closely at Pfizer's post-pandemic pipeline and patent expirations for other key drugs. Because the company has struggled to fully replace that temporary pandemic windfall with new blockbuster growth drivers, the stock has remained sluggish, staying down over 50% from its 2021 highs as the market waits for signs of a durable turnaround.