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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
Pfizer
Pfizer
Pfizer Revenue by Segment
Revenue by Segment
Biopharma Revenue
CapyFin.comPfizer CentreOne Revenue
CapyFin.com 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.
- Financial guidance reflects the anticipated unfavorable impact of approximately $5.7 billion on revenues and approximately $0.44 on Adjusted diluted EPS as a result of changes in foreign exchange rates relative to the U.S. dollar compared to foreign exchange rates from 2021.
- Financial guidance for Adjusted diluted EPS is calculated using approximately 5.75 billion weighted average shares outstanding, and assumes no additional share repurchases in 2022.
- The expected increase in weighted average shares outstanding compared to 2021 of approximately 50 million shares has an unfavorable impact on 2022 Adjusted diluted EPS of $0.04 at the midpoint of the guidance range.
- Guidance for Adjusted SI&A expenses was raised by $350 million at the midpoint and now includes additional spending related to recent acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income