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Dec 31, 2020
Pfizer Q4 2020 Earnings Report
Pfizer reported fourth-quarter and full-year 2020 results, raised 2021 guidance for Adjusted diluted EPS, and provided 2021 financial guidance for other Adjusted income statement line items.
Key Takeaways
Pfizer's Q4 2020 revenues reached $11.7 billion, reflecting an 11% operational growth. The company's adjusted diluted EPS for Q4 2020 was $0.42. Key growth drivers included Vyndaqel/Vyndamax, Eliquis, and oncology biosimilars. Pfizer also raised its full-year 2021 guidance for adjusted diluted EPS to a range of $3.10-$3.20.
Fourth-Quarter 2020 Revenues of $11.7 Billion, Reflecting 11% Operational Growth.
Fourth-Quarter 2020 Reported Diluted EPS of $0.10, Adjusted Diluted EPS of $0.42.
Full-Year 2020 Revenues of $41.9 Billion, Reflecting 3% Operational Growth.
Raises Full-Year 2021 Guidance for Adjusted Diluted EPS to a range of $3.10-$3.20.
Pfizer
Pfizer
Forward Guidance
Pfizer raised its guidance range for Adjusted Diluted EPS to $3.10 to $3.20 and provided 2021 financial guidance for other income statement line items.
Positive Outlook
- Revenues: $59.4 to $61.4 billion
- Adjusted Cost of Sales as a Percentage of Revenues: 32.0% to 33.0%
- Adjusted SI&A Expenses: $11.0 to $12.0 billion
- Adjusted R&D Expenses: $9.2 to $9.7 billion
- Adjusted Other (Income)/Deductions: Approximately $2.2 billion of income
Challenges Ahead
- Effective Tax Rate on Adjusted Income: Approximately 15.0%
- Adjusted Diluted EPS: $3.10 to $3.20
- Does not assume the completion of any business development transactions not completed as of December 31, 2020.
- Includes Pfizer’s pro rata share of the Consumer Healthcare joint venture anticipated earnings, which is recorded in Adjusted other (income)/deductions on a one-quarter lag.
- Reflects an anticipated negative revenue impact of $1.0 billion due to recent and expected generic and biosimilar competition for certain products that have recently lost or are anticipated to soon lose patent protection.