Pfizer’s Best News for Investors Is Less Bad News Than in 2023

The best news Pfizer Inc. had for investors Tuesday was that its fourth-quarter earnings report contained less bad news than most of 2023’s.

The US returned just 6.5 million doses last year of the Covid-19 treatment, Paxlovid, about 1.4 million fewer than expected. Adjusted earnings were 10 cents a share, Pfizer said, while Wall Street had expected a 19-cent loss.

The shares dropped as much as 1.9% at 11 a.m. in New York. They’ve lost 6.2% since the year started.

Shareholders are tiring of negatives after Pfizer cut its guidance twice last year on falling sales of Covid products. Now ...