hapabapa
With its Q4 2023 results on Tuesday, Pfizer (NYSE:PFE) beat Wall Street forecasts for its COVID-19 franchise, while its revenue for the period fell short of expectations as its non-COVID products underdelivered.
The New York-based pharma giant reported $14.2B in revenue for the quarter, with a ~41% YoY decline on a reported basis amid a sharp reduction in global revenue for its COVID-19 vaccine, Comirnaty, and COVID-19 pill, Paxlovid.
Revenue from Paxlovid stood at -$3.1B, ahead of -$3.5B estimated by analysts, according to Bloomberg data. The company attributed the negative revenue to a non-cash revenue reversal of $3.5B recorded to reflect the impact of the U.S. government’s decision to return an estimated 6.5M treatment courses with the end of the drug’s Emergency Use Authorization (EUA).
Meanwhile, revenue from Pfizer’s (PFE) COVID-19 vaccine, Comirnaty, marketed with BioNTech (BNTX), fell ~53% YoY to $5.4B, in line with the consensus.
“We are encouraged by the strong performance of our non-COVID products in the fourth quarter of 2023, including significant contributions from new launches and robust year-over-year growth for several key in-line brands,” CEO Albert Bourla remarked.
PFE’s recently-approved RSV vaccine Abrysvo added $515M in revenue, while its blood thinner Eliquis, marketed with Bristol Myers Squibb (BMY), brought $1.6B with ~9% YoY growth ahead of the consensus.
However, Pfizer (PFE) reported $1.6B in revenue for its Prevnar family of vaccines with a ~8% YoY decline, well short of the $2.0B estimated by analysts, and revenue from its breast cancer therapy Ibrance fell ~13% YoY to $1.1B below consensus.
Meanwhile, the company reported a net loss of $3.4B for the quarter compared with its $5.0B of net income a year ago, and its adjusted income dropped ~91% YoY to $593M, exceeding Wall Street forecasts.
After reporting $58.5B in revenue and $1.84 in adj. diluted earnings per share, Pfizer (PFE) set its outlook for 2024 at $58.5B–$61.5B and $2.05–$2.25 per share, respectively, unchanged from its previous forecast in December.
