In mid-January 2022, the members of the executive committee of Pfizer Inc. (Pfizer), a global pharmaceutical enterprise headquartered in New York, were facing a strategic dilemma. Having just received the company’s full financial results for the year ending December 2021, they were preparing for an upcoming conference call with analysts where, in addition to making these results public, they had to also provide revenue guidance for the year ending December 2022. Revenue guidance, normally a standard announcement in the normal course of business, created an issue given Pfizer’s unusual performance in 2021. The multi-billion-dollar-sales pharmaceutical company had doubled its revenues from 2020 to 2021 and faced rising expectations of an encore performance in 2022. The executive committee needed to answer two main questions: What kind of growth could investors expect in the coming year? Where would Pfizer focus its energy and activities to support the firm’s growth?
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