Pfizer Q1 2023 Earnings Report
Key Takeaways
Pfizer reported first-quarter 2023 revenues of $18.3 billion, a 26% operational decrease driven by lower Comirnaty revenue. Excluding Comirnaty and Paxlovid, revenues grew 5% operationally. Reported diluted EPS was $0.97, down 29%, and adjusted diluted EPS was $1.23, down 24%. Pfizer reaffirmed its full-year 2023 financial guidance and continued to advance new product launches.
First-quarter revenues totaled $18.3 billion, a 26% operational decline driven by decreased Comirnaty revenue.
Excluding Comirnaty and Paxlovid, revenues grew 5% operationally.
Reported diluted EPS was $0.97, a 29% year-over-year decline, and adjusted diluted EPS was $1.23, a 24% year-over-year decline.
Pfizer reaffirmed its full-year 2023 financial guidance.
Pfizer
Pfizer
Pfizer Revenue by Segment
Pfizer Revenue by Geographic Location
Forward Guidance
Pfizer reaffirms its full-year 2023 financial guidance, expecting operational revenue growth of 7% to 9% excluding COVID-19 products, with significant growth anticipated in the second half of the year due to near-term launches.
Positive Outlook
- Reaffirms full-year 2023 financial guidance.
- Expects 7% to 9% operational revenue growth for fiscal year 2023, excluding COVID-19 products.
- Majority of growth expected in the second half of 2023 due to near-term launches.
- Integration planning for Seagen acquisition is underway, expected to close in late 2023 or early 2024.
- Strong balance sheet provides flexibility for future dividend increases, share repurchase activity, and business development.
Challenges Ahead
- Anticipates lower revenues from COVID-19 products.
- Expects higher spending to support near-term launches.
- Plans greater investment in certain late-stage pipeline projects.
- Foreign exchange rates may have an unfavorable impact on revenues and adjusted diluted EPS.
- Financial guidance assumes no share repurchases in 2023.