Key takeaways from Pfizer’s (PFE) Q4 2023 earnings report

Watch Icon
AlphaStreet
Key takeaways from Pfizer’s (PFE) Q4 2023 earnings report

Shares of Pfizer Inc. (NYSE: PFE) were down 1% in midday trade on Tuesday. The stock has dropped 38% over the past 12 months. The company delivered mixed results for the fourth quarter of 2023 with its performance being impacted by declines in its COVID-19 products. Nevertheless, the pharma giant remains encouraged by strength in its non-COVID product portfolio.

Quarterly performance

Revenues decreased 41% year-over-year to $14.2 billion in Q4 2023, missing estimates. On an operational basis, revenues were down 42%. The top line decrease was driven by a significant drop in revenues from its COVID-19 products. Excluding contributions from the COVID-19 products, revenues grew 8% operationally.

Pfizer’s bottom line was impacted by a $3.5 billion revenue reversal for Paxlovid. The company reported a net loss of $0.60 per share for Q4 on a GAAP basis. Adjusted EPS decreased 91% to $0.10 but managed to surpass analysts’ projections.

Pfizer Q4 2023 Earnings Infographic

COVID and non-COVID product sales

In Q4, sales of Comirnaty decreased 54% to $5.36 billion, mainly due to lower US government contracted deliveries after the transition in September to US commercial market sales, as well as lower international deliveries and demand.

Paxlovid revenues declined by $5 billion to reach negative $3.1 billion in the quarter, due to a non-cash revenue reversal of $3.5 billion related to the return of an estimated 6.5 million EUA-labeled US government treatment courses.

Excluding contributions from the COVID products, Pfizer’s operational revenue growth in the quarter was driven by Abrysvo, Eliquis, and the Vyndaqel family. Abrysvo generated $515 million in revenues in Q4 while Eliquis and the Vyndaqel family reported operational growth of 9% and 39% respectively.

Outlook

For the full year of 2024, Pfizer expects revenues to range between $58.5-61.5 billion. This guidance includes approx. $8 billion in revenues from Comirnaty and Paxlovid, and approx. $3.1 billion of revenue anticipated from the newly-acquired Seagen. Excluding contributions from the COVID products and Seagen, operational revenue growth for 2024 is expected to be 3-5%. Adjusted EPS for the year is estimated to range between $2.05-2.25.

The post Key takeaways from Pfizer’s (PFE) Q4 2023 earnings report first appeared on AlphaStreet.

 

How to tie ESG goals to executive compensation | Investorempires.com

Read More | Columnists How to tie ESG goals to executive compensation Tuesday February 13 2024 Using ESG metrics for performance management is important because it focuses the attention of executives on important parameters that may have been sidelined. PHOTO | SHUTTERSTOCK The world is leaning toward sustainable businesses and organisations are responding by reviewing […]

This cloud name just crushed earnings🌪️ | Raging Bull

Read More |    Sponsored by Good morning, 360! What will this crazy market do today — who knows ! But here are are top movers and shakers this morning! Be the best prepared trader on the Street! Did you miss this I Backdoor  (code: UPGRADE for $100/Off) FOCUS LIST OKYO – Up over 20% after receiving […]

Will Moody’s downgrade hit the shekel? | Investorempires.com

Read More | Israel’s forex market won’t open until Monday morning when the start of trade will reflect the market’s reaction to the downgrade of Israel’s credit rating by Moody’s on Friday night. On Friday, ahead of the announcement, the shekel weakened against the dollar to NIS 3.67/$ and since the start of the month […]