Pfizer has reported its full-year 2023 financial results, revealing a decline in revenues of $58.5bn, a decrease of 42% from $100.33bn reported in 2022.

The decline was attributed to a 41% operational decrease and a 1% negative impact from foreign exchange rates. The revenue drop was also driven by reduced global sales of its Covid-19 vaccine, Comirnaty, and of the antiviral treatment, Paxlovid.

Despite the overall decline, Pfizer’s financials excluding Comirnaty and Paxlovid showed 7% operational growth.

Pfizer chief financial officer and executive vice-president David Denton stated: “We are pleased with the strong 8% operational revenue growth of Pfizer’s non-Covid products in the fourth quarter of 2023, achieving our full-year 2023 non-Covid operational revenue growth target of 6% to 8%.

“In addition, we are on track to deliver at least $4bn in annual net cost savings by the end of 2024 from our cost realignment programme.”

Pfizer’s reported diluted earnings per share (EPS) for 2023 stood at $0.37, a 93% decrease year-on-year compared to $5.47. The adjusted diluted EPS was $1.84bn, down 72% from $6.58 in 2022.

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Net income for full year 2023 stood at $2.11bn, a drop by 93% from $31.37bn in 2022.

A 72% drop in adjusted income to $10.50bn was reported for 2023, versus $37.71bn in 2022.

Pfizer chairman and CEO Dr Albert Bourla stated: “In 2023, Pfizer received a record number of nine new molecular entity approvals by the US Food and Drug Administration — medicines and vaccines that are expected to favourably impact Pfizer’s performance in the coming years.

“In addition, we completed the acquisition of Seagen in December 2023, a critical step toward our goal to achieve world-class oncology leadership.”

Pfizer has reaffirmed its full-year 2024 guidance, which was initially provided on 13 December 2023.

The company expects revenues to range between $58.5bn and $61.5bn, with an adjusted diluted EPS forecast of $2.05 to $2.25.

This month, the European Commission approved Pfizer’s Talzenna (talazoparib) to treat adults with metastatic castration-resistant prostate cancer (mCRPC) where chemotherapy is not indicated clinically.