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Dec 31, 2023
Pfizer Q4 2023 Earnings Report
Pfizer's Q4 2023 earnings were impacted by decline in Comirnaty and Paxlovid revenues, but non-COVID products showed strong growth.
Key Takeaways
Pfizer's Q4 2023 revenues were $14.2 billion, a 41% decrease compared to Q4 2022, primarily due to a decline in Comirnaty and Paxlovid revenues. Excluding these products, revenues grew 8%. The company reported a diluted loss per share of $(0.60) and adjusted diluted EPS of $0.10. Pfizer reaffirms its full-year 2024 guidance.
Q4 2023 revenues totaled $14.2 billion, a 41% decrease year-over-year.
Excluding Comirnaty and Paxlovid, Q4 2023 revenues grew 8% operationally.
Reported diluted loss per share was $(0.60), while adjusted diluted EPS was $0.10.
Pfizer reaffirms full-year 2024 revenue guidance of $58.5 to $61.5 billion and adjusted diluted EPS of $2.05 to $2.25.
Pfizer
Pfizer
Pfizer Revenue by Segment
Revenue by Segment
Biopharma Revenue
CapyFin.com Forward Guidance
Pfizer expects full-year 2024 revenues to be in the range of $58.5 to $61.5 billion and Adjusted diluted EPS to be in the range of $2.05 to $2.25.
Positive Outlook
- Expected operational revenue growth of 8% to 10% compared to 2023 revenues, excluding Comirnaty and Paxlovid and including the impact of Seagen.
- Anticipated operating margin improvement from the company’s cost realignment activities.
Challenges Ahead
- An expected $0.40 dilutive impact related to the Seagen acquisition, which is predominantly driven by costs to finance the transaction.
- Assumes no share repurchases in 2024.
- Anticipated immaterial impact in fiscal-year 2024 of recent and expected generic and biosimilar competition for certain products that have recently lost patent protection or that are anticipated to lose patent protection.
- Exchange rates assumed are actual rates at mid-November 2023. Financial guidance reflects the anticipated unfavorable impact of approximately $0.3 billion on revenues and approximately $0.01 on Adjusted(3) diluted EPS as a result of changes in foreign exchange rates relative to the U.S. dollar compared to foreign exchange rates from 2023.
- Does not assume the completion of any business development transactions not completed as of December 31, 2023.