Pfizer on Wednesday reported 2024 revenue and profit below analysts’ estimates, sending the U.S. drugmaker’s share price down 7% in the pre-opening session on the New York Stock Exchange, Reuters and Agerpres reported. .

Sales of the antiviral drug Paxlovid and a vaccine that Pfizer is making with German partner BioNTech have supported the company’s earnings over the past two years. But falling annual vaccination rates and demand for treatment in 2023 forced the company to launch a program of job and cost cuts in October to save at least $4 billion a year.

Last month, Pfizer, which employs about 83,000 people worldwide, cut 500 jobs at its UK plant. Pfizer also expects to complete its $43 billion acquisition of drugmaker Seagen on Thursday.

The company’s products are expected to add $3.1 billion to Pfizer’s revenue in 2024, with another $8 billion coming from the Comirnaty vaccine and the COVID-19 drug Paxlovid.

The U.S. drugmaker expected annual revenue of $58.5 billion to $61.5 billion, while analysts on average had expected $63.17 billion. Additionally, the company estimated adjusted earnings of $2.05 to $2.25 per share, below analysts’ estimates of $3.16 per share.