By Ben Glickman
Pfizer said it would reverse $4.2 billion in revenue after revising its agreement with the U.S. government related to its Covid-19 treatment Paxlovid. The company agreed to take back unused courses for the oral anti-viral pill as it seeks to roll out its commercial version of the drug. Shares fall 3.1% to $31.10 after-hours.
Moderna, which produces Covid-19 vaccines, saw its shares slump after Pfizer warned of lower-than-expected demand for Covid-19 vaccines and treatments. Pfizer slashed its expectations for revenue and adjusted earnings after the market closed on Friday as its Covid-related products saw lagging sales, a warning sign for the results of other vaccine makers. Moderna shares fall 4% to $94.40 after-hours.
Lululemon Athletica’s stock will join the S&P 500 effective Oct. 18. The excercise apparel company will replace Activision Blizzard, which was acquired by Microsoft on Friday. Shares rise 4.9% to $396.13 after-hours.
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