Pfizer Inc
Q4 2022 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.56%.
Did PFE Beat Earnings? Q4 2022 Results
Pfizer closed out 2022 on a strong note, posting fourth-quarter adjusted diluted EPS of $1.14, ahead of the $1.05 consensus estimate by 8.57%, as revenue of $24.29 billion rose 1.9% year-over-year and edged past expectations by a razor-thin 0.02%. The quarter's outperformance was driven largely by a $0.32 per-share tailwind from significantly lower acquired in-process R&D expenses compared to the year-ago period, which had been weighed down by the Trillium acquisition charge. Full-year revenues topped $100 billion, fueled by Paxlovid and Comirnaty, though the company acknowledged that excluding COVID-19 products, underlying growth was just 2% operationally. The results arrive as rival vaccine makers have been scaling back their own COVID programs amid waning demand, a headwind Pfizer itself now faces directly. Looking ahead, the company guided 2023 revenues of $67.00 to $71.00 billion and adjusted EPS of $3.25 to $3.45, projecting steep declines in COVID product sales while targeting 7% to 9% operational growth in its non-COVID portfolio.
- Comirnaty bivalent booster resumption of deliveries in developed markets after lower Q3 volumes
- Paxlovid international launches following regulatory approvals and EUAs
- Prevnar 20 strong adult population uptake in the U.S., up 79% domestically
- Vyndaqel family continued strong uptake of transthyretin amyloid cardiomyopathy indication, up 31% operationally
- Eliquis continued oral anticoagulant adoption and U.S. market share gains, up 17% in U.S.
- Revenue contributions from recently acquired Nurtec ODT/Vydura ($211M) and Oxbryta ($73M)
- 10 medicines or vaccines generating more than $1 billion each for the full year
“2022 was a record-breaking year for Pfizer, not only in terms of revenue and earnings per share, which were the highest in our long history, but more importantly, in terms of the percentage of patients who have a positive perception of Pfizer and the work we do.”
Pfizer CEO, on the earnings call
Forward Guidance & Outlook
Pfizer guided 2023 revenues of $67.0 to $71.0 billion and adjusted diluted EPS of $3.25 to $3.45, reflecting a 31% operational revenue decline at the midpoint versus 2022, driven entirely by lower COVID-19 product revenues. Comirnaty revenues are expected at approximately $13.5 billion (down 64%) and Paxlovid at approximately $8.0 billion (down 58%). Excluding COVID-19 products, the company expects 7%-9% operational revenue growth. COVID-19 product revenues are expected to grow in 2024 after reaching a low point in 2023 due to significant government supply on hand. Pfizer plans incremental investments of ~$1.3 billion in SI&A and ~$1.5 billion in R&D to support near-term launches and high-value pipeline programs including GLP-1, elranatamab, and respiratory combination vaccines. Transition of Comirnaty and Paxlovid to the U.S. commercial market is expected in the second half of 2023.
PFE YoY Financials
PFE Revenue by Segment
PFE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.