Second-Quarter 2023 Revenues of $12.7 Billion
– Expected Decline in Paxlovid and Comirnaty(1) Revenues Drove 53% Operational Decrease in SecondQuarter 2023 Revenues
– Second-Quarter 2023 Revenues from Comirnaty(1) and Paxlovid of $1.6 Billion
– Excluding Contributions from Comirnaty(1) and Paxlovid, Revenues Grew 5% Operationally
▪ Second-Quarter 2023 Reported Diluted EPS(2) of $0.41, a Year-Over-Year Decline of 77%, and Adjusted
Diluted EPS(3) of $0.67, a Year-Over-Year Decline of 67%
▪ Narrows 2023 Revenue Guidance(4) Range to $67 to $70 Billion and Adjusts 2023 Non-COVID Operational
Revenue Growth Expectation to 6% to 8%
– Maintains All Other Components of Full-Year 2023 Financial Guidance(4), Including Guidance for
Adjusted Diluted EPS(3)
▪ Continues to Make Significant Progress on Executing an Unprecedented Number of Product and Indication
Launches Expected to Contribute to Non-COVID Operational Revenue Growth in the Second Half of 2023
NEW YORK, Tuesday, August 1, 2023 – Pfizer Inc. (NYSE: PFE) reported financial results for the second
quarter of 2023. The company narrowed its 2023 revenue guidance(4) range to $67 to $70 billion, while
maintaining its outlook for Adjusted diluted EPS(3) of $3.25 to $3.45.
The second-quarter 2023 earnings presentation and accompanying prepared remarks from management as well as
the quarterly update to Pfizer’s R&D pipeline can be found at www.pfizer.com.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “Pfizer has made significant progress toward
our goal to launch 19 new products and indications in an 18-month span, having executed eleven launches thus
far. We continue to build momentum in 2023, recently attaining key milestones for several products, including the
U.S. launches of Prevnar 20 in pediatric patients and Zavzpret; U.S. approvals and launches for Abrysvo in older
adults, Litfulo and the Talzenna plus Xtandi combination; U.S. approvals for Ngenla (expected to be available for
prescribing this month) and Paxlovid; and U.S. regulatory filing acceptance for fidanacogene elaparvovec
(Hemophilia B Gene Therapy).
Supporting our expectation to deliver robust operational growth in 2025 and beyond, we also reported data from
several exciting pipeline candidates we believe have the potential to be significant future value-drivers, including
Phase 3 data from marstacimab, Pfizer’s novel, investigational anti-TFPI antibody being studied for the treatment
of hemophilia A or B; further data from elranatamab, Pfizer’s investigational BCMA CD3-targeted bispecific antibody currently being investigated in multiple myeloma; and first-in-human data from our pipeline of potential
next-generation breast cancer treatments, including our novel CDK4, CDK2, and KAT6 inhibitors.
Finally, we continue to make progress toward our proposed acquisition of Seagen, a global biotechnology
company that discovers, develops and commercializes transformative oncology medicines. In addition to
receiving approval of the transaction from Seagen shareholders and planning for the potential integration of the
two companies, we continue to work closely with regulators, including the Federal Trade Commission (FTC) and
the European Commission (EC), and are working diligently to fulfill requests for further information from the
FTC.
We look forward to continuing our progress in the second half of 2023, driven by commercial execution,
scientific innovation and our never-ending commitment to delivering breakthroughs for patients.”
David Denton, Chief Financial Officer and Executive Vice President, stated: “The second quarter of 2023
delivered solid 5% operational revenue growth, excluding our COVID-19 products, and our year-to-date results
are in line with our expectations. Despite a few near-term individual product revenue challenges, we believe the
company is well positioned for accelerated growth of our non-COVID products in the second half of 2023. The
COVID environment continues to evolve rapidly and remains highly unpredictable. In spite of this uncertainty,
the company is maintaining its focus on ensuring successful fall vaccinations during the respiratory infection
season.
During the second quarter we successfully closed a $31 billion debt offering, the net proceeds of which we intend
to use as part of the financing for Pfizer’s proposed acquisition of Seagen. We continue to expect the transaction
to close in late 2023 or early 2024, subject to the satisfaction of customary closing conditions. As we de-lever our
capital structure after the close, we expect our strong balance sheet will continue to provide the flexibility for
future dividend increases and share repurchases, as well as additional business development activity.”
Source: https://www.pfizer.com/
