NEW YORK, Tuesday, October 31, 2023 — Pfizer Inc. (NYSE: PFE) reported financial results for the third quarter of 2023.
HIGHLIGHTS
▪ Third-Quarter 2023 Revenues of $13.2 Billion
– Expected Decline in Paxlovid and Comirnaty Revenues Drove 41% Operational Decrease in ThirdQuarter 2023 Revenues
– Revenues for Pfizer’s Non-COVID Products Grew 10% Operationally
▪ Third-Quarter 2023 Reported Diluted Loss Per Share (LPS) of $(0.42) and Adjusted Diluted LPS of $(0.17), Significantly Impacted by $5.6 Billion of Non-Cash Inventory Write-Offs and Other Charges, Which Unfavorably Impacted Reported and Adjusted Diluted LPS by $0.84
▪ Reaffirms Full-Year 2023 Guidance Provided on October 13, 2023, of Revenues of $58.0 to $61.0 Billion and Adjusted Diluted EPS of $1.45 to $1.65, and Provides All Guidance Components
▪ Reaffirms Full-Year 2023 Non-COVID Operational Revenue Growth Expectation of 6% to 8% vs. 2022
▪ Successful Execution of New Product and Indication Launches, including Abrysvo (Older Adult) and Prevnar 20 (Pediatric), and In-Line Product Growth Contribute to Strong Non-COVID Operational Revenue Growth
▪ Launched Enterprise-Wide Cost Realignment Program Expected to Deliver Annual Net Cost Savings of at Least $3.5 Billion, of Which Approximately $1.0 Billion is Expected to be Realized in 2023 and at Least an Additional $2.5 Billion is Expected to be Realized in 2024 (Compared to Midpoint of SI&A and R&D Expense Guidance Provided on August 1, 2023)
2023 FINANCIAL GUIDANCE
Pfizer reaffirms its full-year 2023 guidance for Revenues, Adjusted diluted EPS and Effective Tax Rate on Adjusted Income provided on October 13, 2023, which is presented below. This guidance incorporates the impacts of certain one-time items, noted below.
