Pfizer (PFE) Q2 earnings report 2023
Pfizer on Tuesday reported second-quarter adjusted earnings that topped Wall Street's expectations, but posted revenue that fell short of estimates as Covid product sales plunged.
Pfizer reported second-quarter sales of $12.73 billion, down 54% from the same period a year ago.
The company's Covid vaccine raked in $1.49 billion in sales, down 83% from the year-ago quarter. Pfizer's Covid antiviral pill Paxlovid posted $143 million in revenue, a drop of 98%.
Together, the products pulled in $1.6 billion in revenue for the quarter. That compares with roughly $17 billion in sales during the same period a year ago.
The decline isn't a surprise. Pfizer and rival drugmakers like Moderna have seen a steep drop in Covid-related sales this year as the world emerges from the pandemic and relies less on blockbuster vaccines and treatments that help protect against the virus.
Here's how Pfizer results compared with Wall Street expectations, based on a survey of analysts by Refinitiv:
Earnings per share: 67 cents per share adjusted, vs. 57 cents per share expected
67 cents per share adjusted, vs. 57 cents per share expected Revenue: $12.73 billion, vs. $13.27 billion expected
Pfizer booked net income of $2.33 billion, or 41 cents per share. That fell from $9.91 billion, or $1.73 per share, during the same period a year ago.
Excluding certain items, the company's earnings per share were 67 cents per share for the quarter.
Looking ahead, the New York-based company narrowed its 2023 sales forecast to $67 billion to $70 billion, from a previous forecast of $67 billion to $71 billion.
Pfizer reiterated its full-year adjusted earnings outlook of $3.25 to $3.45 per share.
The company expects Covid-related sales to decline for the year. Pfizer reaffirmed its forecast of $13.5 billion in Covid vaccine sales in 2023 and $8 billion in revenue for Paxlovid.
Pfizer noted that guidance for the products is based on both existing supply contracts with governments and sales from the commercial market in the U.S. The company will start selling Covid-related products directly to health-care providers this fall.
Pfizer's stock price fell less than 1% in premarket trading. The company's shares have dropped nearly 30% this year, putting Pfizer's market value at roughly $203 billion.
Source: CNBC
