Daily Newsletter

31 January 2024

Daily Newsletter

31 January 2024

Pfizer reports drop in revenue for full year 2023

The company’s 2023 revenues declined from those in the previous year primarily due to reduced sales of Covid-19 products.

Archana Rani January 31 2024

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.

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.

Uncover your next opportunity with expert reports

Steer your business strategy with key data and insights from our latest market research reports and company profiles. Not ready to buy? Start small by downloading a sample report first.

Newsletters by sectors


Sign up to the newsletter: In Brief

Your corporate email address *
First name *
Last name *
Company name *
Job title *
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.