Summary
Pfizer Inc. reported robust financial performance in 2022, with total revenues reaching $100.3 billion, a significant 23% increase from 2021. This growth was primarily driven by strong sales from Paxlovid and the Comirnaty vaccine, which together accounted for 57% of total revenues. Excluding these COVID-19 related products, operational revenue growth was a more modest 2%, supported by key products like the Prevnar family, Eliquis, and Vyndaqel family, as well as contributions from recent acquisitions. The company's strategic focus remains on advancing its pipeline and capitalizing on growth opportunities through both internal R&D and business development. In 2022, Pfizer completed several strategic acquisitions, including Arena, GBT, and Biohaven, aimed at strengthening its portfolio in immuno-inflammatory diseases and rare diseases. Looking ahead, Pfizer forecasts a significant revenue decline in 2023, primarily due to an expected reduction in COVID-19 product sales, projecting total revenues between $67 billion and $71 billion. The company continues to manage its cost base, optimize R&D operations, and return capital to shareholders through dividends and share repurchases.
Financial Highlights
55 data points| Revenue | $101.17B |
| Cost of Revenue | $34.34B |
| Gross Profit | $66.83B |
| SG&A Expenses | $13.68B |
| Interest Expense | $1.24B |
| Net Income | $31.37B |
| EPS (Basic) | $5.59 |
| EPS (Diluted) | $5.47 |
| Shares Outstanding (Basic) | 5.61B |
| Shares Outstanding (Diluted) | 5.73B |
Key Highlights
- 1Total revenues increased 23% to $100.3 billion in 2022, driven by Paxlovid and Comirnaty.
- 2Excluding COVID-19 products, operational revenue grew 2%, supported by key products and acquisitions.
- 3Strategic acquisitions in 2022 included Arena, GBT, and Biohaven to enhance the product pipeline.
- 4The company forecasts a significant revenue decrease in 2023 to $67-$71 billion, largely due to lower COVID-19 product sales.
- 5Pfizer continues to invest in R&D and has a strong pipeline of products in various stages of development.
- 6The company maintained effective internal controls over financial reporting, as audited by independent registered public accounting firm KPMG LLP.
- 7Pfizer is committed to returning capital to shareholders through dividends and share repurchases, with a remaining share-purchase authorization of approximately $3.3 billion at year-end 2022.