Pfizer, the pharmaceutical giant, has made changes to its agreement with the U.S. government regarding its Covid-19 treatment, Paxlovid. As part of this revision, Pfizer has decided to reclaim $4.2 billion in revenue by taking back unused courses of the oral anti-viral pill. This decision aligns with Pfizer’s efforts to introduce the commercial version of the drug. However, this announcement has had a negative impact on the company’s stock, with shares falling 3.1% to $31.10 after-hours.
Moderna Faces Decreased Demand for Covid-19 Vaccines and Treatments
Moderna, a leading producer of Covid-19 vaccines, has experienced a decline in its stock value following a warning issued by Pfizer. In light of lower-than-expected demand for Covid-19 vaccines and treatments, Pfizer has revised its revenue and adjusted earnings expectations. The market response to this news has raised concerns among other vaccine manufacturers. Consequently, Moderna’s shares have dropped by 4% to $94.40 after-hours.
Lululemon Athletica Joins the S&P 500
Lululemon Athletica, a prominent exercise apparel company, is set to become a part of the S&P 500 on October 18. This development comes after Activision Blizzard was acquired by Microsoft on Friday, resulting in Lululemon Athletica replacing it in the index. Following this exciting news, the company’s stock has surged by 4.9% to $396.13 after-hours.