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Oct 02, 2022
Pfizer Q3 2022 Earnings Report
Reported solid financial results and raised 2022 outlook.
Key Takeaways
Pfizer reported solid third-quarter results, raising the lower end of its 2022 revenue guidance and narrowing its Adjusted diluted EPS guidance. Revenue guidance for Comirnaty was raised by $2 billion, and was reaffirmed for Paxlovid.
Third-Quarter 2022 Revenues of $22.6 Billion
Third-Quarter 2022 Reported Diluted EPS of $1.51
Third-Quarter 2022 Adjusted Diluted EPS of $1.78
Raises Lower End of Full-Year 2022 Revenue Guidance to a Range of $99.5 to $102.0 Billion
Revenue by Segment
Forward Guidance
Pfizer raised its 2022 financial guidance, on an operational basis, for revenues and Adjusted diluted EPS by approximately $1.7 billion and $0.19, respectively. After including the expected incremental unfavorable impacts of changes in foreign exchange rates since last quarter’s earnings report, the midpoints of the guidance ranges for revenues and Adjusted diluted EPS were increased by $750 million and $0.075, respectively.
Positive Outlook
- Comirnaty revenues of approximately $34 billion
- Paxlovid revenues of approximately $22 billion
- The midpoint of the guidance range for Adjusted diluted EPS was raised by $0.075, despite an unfavorable $0.06 impact due to incremental acquired IPR&D expenses.
- This updated guidance reflects a 70% operational increase at the midpoint over the 2021 Adjusted diluted EPS of $4.06
- Guidance for the effective tax rate on Adjusted income was lowered by 3.0 percentage points compared to the previous guidance, reflecting tax benefits recorded in the third quarter of 2022 related to global income tax resolutions in multiple tax jurisdictions spanning multiple tax years, among other drivers.
Challenges Ahead
- Exchange rates assumed are a blend of actual rates in effect through third-quarter 2022 and mid-October 2022 rates for the remainder of the year.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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