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Jul 02, 2023
Pfizer Q2 2023 Earnings Report
Second quarter results were reported, revenues declined due to decrease in Paxlovid and Comirnaty revenues, but non-COVID revenues grew, and 2023 revenue guidance was narrowed.
Key Takeaways
Pfizer's Q2 2023 revenues were $12.7 billion, a 53% operational decrease driven by declining Paxlovid and Comirnaty revenues. Excluding these, revenues grew 5% operationally. Reported EPS was $0.41, and adjusted EPS was $0.67. The company narrowed its 2023 revenue guidance to $67-$70 billion and adjusted non-COVID operational revenue growth expectation to 6-8%.
Second-Quarter 2023 Revenues of $12.7 Billion, a 53% operational decrease driven by expected decline in Paxlovid and Comirnaty revenues.
Excluding contributions from Comirnaty and Paxlovid, revenues grew 5% operationally.
Second-Quarter 2023 Reported Diluted EPS of $0.41, a Year-Over-Year Decline of 77%, and Adjusted Diluted EPS of $0.67, a Year-Over-Year Decline of 67%.
2023 Revenue Guidance range was narrowed to $67 to $70 Billion and 2023 Non-COVID Operational Revenue Growth Expectation was adjusted to 6% to 8%.
Revenue by Segment
Forward Guidance
Pfizer narrowed its 2023 revenue guidance range to $67 to $70 billion and maintains adjusted diluted EPS guidance of $3.25 to $3.45. Non-COVID operational revenue growth is expected to be 6% to 8%.
Positive Outlook
- Maintaining guidance for Adjusted diluted EPS(3).
- Focus on ensuring successful fall vaccinations during the respiratory infection season.
- Continuing to make progress toward proposed acquisition of Seagen.
- Expecting to deliver robust operational growth in 2025 and beyond.
- Building momentum in 2023, recently attaining key milestones for several products.
Challenges Ahead
- Expected revenue declines for Pfizer’s COVID-19 products.
- Short-term headwinds, such as the U.S. approval for the Talzenna plus Xtandi combination for the treatment of adult patients with homologous recombination repair (HRR) gene-mutated metastatic castration-resistant prostate cancer (mCRPC), versus an approval in the all-comers population.
- Shared clinical decision-making recommendation for Abrysvo from the U.S. Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices (ACIP), versus a routine recommendation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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