Summary
Pfizer Inc. reported first-quarter 2023 revenues of $18.3 billion, a 29% decrease compared to $25.7 billion in the first quarter of 2022. This decline was primarily driven by lower sales of Comirnaty, partially offset by growth in Paxlovid. Excluding COVID-19 products, revenues increased by 5% operationally, driven by contributions from recently acquired products and continued strength in the company's non-COVID-19 portfolio such as Eliquis and the Vyndaqel family. Net income attributable to Pfizer Inc. common shareholders decreased to $5.54 billion ($0.97 per diluted share) from $7.86 billion ($1.37 per diluted share) in the prior year's quarter. The company also announced a significant proposed acquisition of Seagen for approximately $43 billion, which is expected to be financed substantially through new debt, and a termination of its collaboration with Merck KGaA for Bavencio, with Pfizer to receive a 15% royalty on future sales.
Financial Highlights
54 data points| Revenue | $18.49B |
| Cost of Revenue | $4.89B |
| Gross Profit | $13.60B |
| SG&A Expenses | $3.42B |
| Interest Expense | $318.00M |
| Net Income | $5.54B |
| EPS (Basic) | $0.98 |
| EPS (Diluted) | $0.97 |
| Shares Outstanding (Basic) | 5.63B |
| Shares Outstanding (Diluted) | 5.73B |
Key Highlights
- 1Total revenues for Q1 2023 were $18.3 billion, a 29% decrease from $25.7 billion in Q1 2022, primarily due to a 77% decline in Comirnaty sales.
- 2Paxlovid sales increased by 177% year-over-year to $4.1 billion, driven by strong demand in China and favorable timing of U.S. government contract deliveries.
- 3Excluding COVID-19 products, Pfizer's revenues grew 5% operationally, driven by new product contributions (Nurtec ODT/Vydura, Oxbryta) and strong performance from key drugs like Eliquis and the Vyndaqel family.
- 4Net income attributable to Pfizer Inc. common shareholders decreased by 30% to $5.54 billion ($0.97 per diluted share) from $7.86 billion ($1.37 per diluted share) in Q1 2022.
- 5Pfizer announced a proposed acquisition of Seagen for approximately $43 billion, expected to close in late 2023 or early 2024, to be financed substantially through new debt.
- 6The company's collaboration agreement with Merck KGaA for Bavencio is terminating, with Merck KGaA taking full control and Pfizer receiving a 15% royalty on net sales.
- 7R&D expenses increased by 9% to $2.5 billion, driven by investments in recently acquired assets and vaccine programs, despite lower spending on COVID-19 programs.