Summary
Pfizer Inc. reported $12.03 billion in revenues for the first quarter of 2020, a decrease of 8% compared to the prior year period. This decline was primarily attributed to a 37% operational decrease in the Upjohn segment, largely due to the loss of exclusivity for Lyrica, partially offset by a 12% operational growth in the Biopharma segment. The company's net income attributable to Pfizer Inc. was $3.40 billion, or $0.61 per diluted share, down from $3.88 billion, or $0.68 per diluted share, in the first quarter of 2019. The company also provided an updated financial outlook for 2020, anticipating revenues between $48.5 billion and $50.5 billion, with adjusted diluted EPS in the range of $2.82 to $2.92. The report also highlighted ongoing business development activities, including a collaboration with BioNTech for a COVID-19 vaccine candidate and an agreement with Valneva SE for a Lyme disease vaccine candidate. The company's financial position remains solid, with cash and cash equivalents increasing to $2.15 billion. Pfizer continued its strategic transformation towards a more focused, science-based innovative medicines business, with the pending combination of Upjohn with Mylan to create Viatris expected to close in the second half of 2020. The company also detailed its response to the COVID-19 pandemic, emphasizing its commitment to developing treatments and vaccines, while also noting potential impacts on sales and clinical trials.
Financial Highlights
54 data points| Revenue | $10.08B |
| Cost of Revenue | $1.94B |
| Gross Profit | $8.14B |
| SG&A Expenses | $2.54B |
| Operating Income | $2.47B |
| Interest Expense | $390.00M |
| Net Income | $3.35B |
| EPS (Basic) | $0.60 |
| EPS (Diluted) | $0.60 |
| Shares Outstanding (Basic) | 5.54B |
| Shares Outstanding (Diluted) | 5.61B |
Key Highlights
- 1Total revenues decreased by 8% to $12.03 billion in Q1 2020 compared to Q1 2019.
- 2Biopharma segment revenues increased by 11% to $10.01 billion, driven by key brands like Eliquis, Ibrance, and Xeljanz.
- 3Upjohn segment revenues decreased by 37% to $2.02 billion, primarily due to Lyrica generic competition in the U.S.
- 4Net income attributable to Pfizer Inc. decreased by 12% to $3.40 billion, with diluted EPS of $0.61, down from $0.68 in the prior year.
- 5Pfizer updated its 2020 financial guidance, projecting revenues between $48.5 billion and $50.5 billion and adjusted diluted EPS between $2.82 and $2.92.
- 6The company entered into a global agreement with BioNTech to co-develop a potential mRNA-based coronavirus vaccine (BNT162).
- 7Pfizer is managing the COVID-19 pandemic by continuing its commitment to develop treatments and vaccines while navigating operational impacts on sales and clinical trials.