On June 24, Pfizer declined 3.03% in regular trading, trading at $23.97/share, with turnover of $10.25 billion. Multiple negative catalysts converged to pressure the stock.

On the news front, Pfizer disclosed that its key oncology pipeline drug Sigvotatug Vedotin failed to significantly improve overall survival in a Phase 3 clinical trial, dealing a blow to the company's ambitious oncology strategy and prompting the market to reassess its future revenue potential. This setback compounds the earlier announcement that CFO Dave Denton will depart on August 15 to pursue opportunities in the consumer-goods sector, with Cecile Guegan appointed as interim CFO. Additionally, Jefferies lowered its price target on Pfizer from $35 to $34 while maintaining a buy rating. Despite the company reaffirming its fiscal year adjusted EPS guidance of $2.80 to $3.00, the reassurance failed to restore investor confidence amid the accumulation of headwinds.

Within the Pharmacy sector, Eli Lilly fell 0.49%, Novartis fell 0.25%, Johnson & Johnson fell 0.1%, while Merck rose 0.66%.

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