Pfizer has reported its full-year 2023 financial results, revealing a decline in revenues of $58.5bn, a decrease of 42% from $100.33bn reported in 2022.
The decline was attributed to a 41% operational decrease and a 1% negative impact from foreign exchange rates. The revenue drop was also driven by reduced global sales of its Covid-19 vaccine, Comirnaty, and of the antiviral treatment, Paxlovid.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDespite the overall decline, Pfizer’s financials excluding Comirnaty and Paxlovid showed 7% operational growth.
Pfizer chief financial officer and executive vice-president David Denton stated: “We are pleased with the strong 8% operational revenue growth of Pfizer’s non-Covid products in the fourth quarter of 2023, achieving our full-year 2023 non-Covid operational revenue growth target of 6% to 8%.
“In addition, we are on track to deliver at least $4bn in annual net cost savings by the end of 2024 from our cost realignment programme.”
Pfizer’s reported diluted earnings per share (EPS) for 2023 stood at $0.37, a 93% decrease year-on-year compared to $5.47. The adjusted diluted EPS was $1.84bn, down 72% from $6.58 in 2022.
Net income for full year 2023 stood at $2.11bn, a drop by 93% from $31.37bn in 2022.
A 72% drop in adjusted income to $10.50bn was reported for 2023, versus $37.71bn in 2022.
Pfizer chairman and CEO Dr Albert Bourla stated: “In 2023, Pfizer received a record number of nine new molecular entity approvals by the US Food and Drug Administration — medicines and vaccines that are expected to favourably impact Pfizer’s performance in the coming years.
“In addition, we completed the acquisition of Seagen in December 2023, a critical step toward our goal to achieve world-class oncology leadership.”
Pfizer has reaffirmed its full-year 2024 guidance, which was initially provided on 13 December 2023.
The company expects revenues to range between $58.5bn and $61.5bn, with an adjusted diluted EPS forecast of $2.05 to $2.25.
This month, the European Commission approved Pfizer’s Talzenna (talazoparib) to treat adults with metastatic castration-resistant prostate cancer (mCRPC) where chemotherapy is not indicated clinically.
