Health Care

Pfizer Reports Full-Year 2023 Results and Reaffirms Full-Year 2024 Financial Guidance — 2023 Sets Stage for Future Growth Potential: Completed Seagen Acquisition, Creating World-Class Oncology Organization; Launched Significant Number of New Products and Indications; and Realigned Commercial Organization to Improve Focus, Speed and Execution — Full-Year 2023 Revenues of $58.5 Billion — Expected Decline in Comirnaty(1) and Paxlovid Revenues Drove 41% Operational Decrease in Year-Over-Year Revenues — Excluding Contributions from Comirnaty(1) and Paxlovid, Revenues Grew 7% Operationally, Driven by a Combination of New Product and Indication Launches and In-Line Product Growth — Full-Year 2023 Reported(2) Diluted EPS of $0.37, Down 93% Year-Over-Year, and Adjusted(3) Diluted EPS of $1.84, Down 72% Year-Over-Year, Significantly Impacted by One-Time Events(4) — Fourth-Quarter 2023 Revenues of $14.2 Billion — Expected Decline in Comirnaty(1) and Paxlovid Revenues Drove 42% Operational Decrease in Fourth-Quarter Revenues — Excluding Contributions from Comirnaty(1) and Paxlovid, Revenues Grew 8% Operationally — […]

Pfizer: On Track For at Least $4B Annual Cost Savings by End 2024 From Cost-Realignment Program.

Pfizer (NYSE:PFE) reported quarterly earnings of $0.10 per share which beat the analyst consensus estimate of $(0.22) by 145.45 percent. This is a 91.23 percent decrease over earnings of $1.14 per share from the same period last year. The company reported quarterly sales of $14.25 billion which beat the analyst consensus estimate of $14.21 billion by 0.27 percent. This is a 41.34 percent decrease over sales of $24.29 billion the same period last year.

Pfizer’s 4Q revenue dropped 41% to $14.25B, below analyst forecasts, due to an expected decline in demand for its Covid-19 vaccine Comirnaty and Covid-19 treatment Paxlovid. Excluding those products, revenue was up 7% operationally, driven by new product launches and in-line product growth. The same trend followed for the full year, with 2023 revenue falling 42% overall but being up 8% when excluding Covid products. Pfizer is targeting operational revenue growth of 8% to 10% in 2024 when excluding Comirnaty and Paxlovid, as well as its Seagen subsidiary, though the company still expects to see about $8B in annual revenue from the two Covid products.

Pfizer (PFE) reported an unexpected fourth-quarter profit on Tuesday after the US government returned fewer doses of the pharmaceutical giant’s COVID-19 oral antiviral pill, Paxlovid, than previously expected. The company posted adjusted earnings of $0.10 a share for the December quarter, plummeting from $1.14 the year before. The consensus on Capital IQ was for a loss of $0.18. Revenue tumbled 41% to $14.25 billion, falling short of the Street’s view for $14.4 billion. Revenue from primary care, which includes the company’s Comirnaty COVID-19 vaccine and Paxlovid, slumped 60% to $6.99 billion. Paxlovid global revenue plunged by $5 billion due to a non-cash revenue reversal of $3.5 billion, related to the return of 6.5 million treatment courses from the government. The company estimated in October for a non-cash revenue reversal of $4.2 billion in the fourth quarter from the return of 7.9 million courses of the pill. Comirnaty global sales tumbled

By Josh Nathan-Kazis Pfizer is set to report fourth-quarter earnings on Tuesday morning, after a year of big deals and disappointing stock performance. Analysts expect the company to report a loss of $0.18 a share for the quarter, and revenue of $14.4 billion, according to FactSet. Pfizer issued a reset in December, laying out guidance for 2024 that was well below what analysts had expected, and highlighting a $4 billion cost savings program. It said it expects adjusted diluted earnings of between $2.05 and $2.25 this year, and revenue between $58.5 billion and $61.5 billion. The consensus estimate is $2.27 per share. Pfizer shares are down 4.9% so far this year, and 37.1% over the past 12 months. The company made a string of major deals in recent years, notably the $43 billion acquisition of the cancer-focused biotech Seagen, and the $11 billion acquisition of Biohaven Pharmaceuticals in 2022. Those