Pfizer · Q3 2023 earnings

Briefing

Pfizer's Q3 2023 performance was marked by a revenue decline due to decreased Paxlovid and Comirnaty sales, but non-COVID product revenues grew. The company reported a net loss per share, significantly impacted by non-cash inventory write-offs. Full-year 2023 guidance was reaffirmed, and a cost realignment program was launched to deliver substantial savings.

Pfizer's Q3 2023 revenues decreased by 41% operationally to $13.2 billion, driven by lower sales of Paxlovid and Comirnaty, though non-COVID product revenues increased by 10%. The company reported a diluted loss per share of $(0.42), significantly impacted by $5.6 billion in non-cash inventory write-offs. Pfizer reaffirmed its full-year 2023 revenue guidance of $58.0 to $61.0 billion and adjusted diluted EPS guidance of $1.45 to $1.65. A new cost realignment program was initiated to deliver at least $3.5 billion in annual net cost savings.

• Q3 2023 revenues totaled $13.2 billion, a 41% operational decrease due to declining Paxlovid and Comirnaty revenues.
• Non-COVID product revenues grew 10% operationally, driven by new launches and in-line product growth.
• Reported diluted loss per share was $(0.42), significantly impacted by $5.6 billion in non-cash inventory write-offs.
• Full-year 2023 guidance reaffirmed, with revenues expected between $58.0 and $61.0 billion and adjusted diluted EPS between $1.45 and $1.65.

Headline financials

Revenue & EPS history

Pfizer reaffirms its full-year 2023 guidance for revenues of $58.0 to $61.0 billion and adjusted diluted EPS of $1.45 to $1.65. The guidance includes a non-cash revenue reversal of approximately $4.2 billion related to the return of an estimated 7.9 million treatment courses of U.S. government EUA-labeled Paxlovid and a non-cash charge of $5.6 billion recorded to Cost of Sales for COVID products inventory write-offs and other charges. Excluding COVID-19 products, Pfizer is expecting 6% to 8% operational revenue growth in 2023.