Pfizer (PFE) stock tumbled Thursday after the company reportedly slashed its expectations for coronavirus vaccine deliveries in 2020 due to supply-chain issues. “Scaling up the raw material supply chain took longer than expected,” a company spokeswoman told the Wall Street Journal. The Journal reported that supply-chain problems caused the New York-based drugmaker to reduce the number of doses of the to-shot vaccine it expects to ship world-wide this year from 100 million to 50 million doses. According to the newspaper, the problem arose in increasing the supply of components needed to manufacture the vaccine. The drugmaker didn’t tell the Journal where the ingredient shortfalls arose.
Pfizer’s shares closed lower by 1.74%.
The Standard & Poor’s 500, which had been in the green for most of the day, moved into the red at the close with a decline of 0.06%. The Dow Jones Industrial Average finished up 0.29%. The NASDAQ Composite closed ahead by 0.23% and the NASDAQ 100 ended up 0.09%. The small cap Russell 2000 finished with a gain of 0.51%.