First-Quarter 2023 Revenues of $18.3 Billion
– Expected Decline in Comirnaty(1) Revenue Drove 26% Operational Decrease in First-Quarter 2023
Revenues
– First-Quarter 2023 Revenues from Comirnaty(1) and Paxlovid of $7.1 Billion
– Excluding Contributions from Comirnaty(1) and Paxlovid, Revenues Grew 5% Operationally
▪ First-Quarter 2023 Reported Diluted EPS(2) of $0.97, a Year-Over-Year Decline of 29%, and Adjusted
Diluted EPS(3) of $1.23, a Year-Over-Year Decline of 24%
▪ Pfizer Reaffirms Full-Year 2023 Financial Guidance(4)
▪ Pfizer Continued to Make Significant Progress Toward an Unprecedented Number of Anticipated New
Product and Indication Launches; Milestones Include FDA Approvals for Zavzpret, Cibinqo for Adolescents
and Prevnar 20 in Pediatric Patients
NEW YORK, NY, Tuesday, May 2, 2023 – Pfizer Inc. (NYSE: PFE) reported financial results for the first quarter of 2023 and reaffirmed full-year 2023 financial guidance.
The first-quarter 2023 earnings presentation and accompanying prepared remarks from management as well as the quarterly update to Pfizer’s R&D pipeline can be found at www.pfizer.com.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “This is an exciting time for Pfizer as we are already executing on and rigorously planning for an unprecedented number of anticipated new product and indication launches, most of which are expected to occur in the second half of 2023. We have made excellent progress toward this goal already this year with the U.S. approvals for Zavzpret, Cibinqo for adolescents and Prevnar 20 in pediatric patients, and regulatory filing acceptances for a Braftovi + Mektovi sNDA, sNDA for the Talzenna and Xtandi combination, elranatamab BLA and our RSV maternal vaccine candidate — which, if approved, would be the first vaccine for administration to pregnant individuals to help protect against the complications of RSV disease in infants from birth up to six months of age.
During the first quarter, we announced plans to advance the battle against cancer with a definitive agreement to acquire Seagen, a global biotechnology company that discovers, develops and commercializes transformative oncology medicines. By combining Seagen’s category-leading antibody-drug conjugate (ADC) technology with Pfizer’s scale, expertise and capabilities, we believe we can accelerate breakthroughs in cancer medicines and introduce new solutions to patients around the world. Oncology remains a core therapeutic area for Pfizer, and we believe the proposed acquisition will enhance our position in this important space.
We believe the strength of our in-line products and expected near-term launches and revenue contribution from business development activities, including the proposed acquisition of Seagen, will position Pfizer to deliver robust operational growth through 2025 and beyond.”
David Denton, Chief Financial Officer and Executive Vice President, stated: “Our first-quarter results were in line with our expectations, underlining our continued confidence in achieving 7% to 9% operational revenue growth for fiscal-year 2023, excluding our COVID-19 products and anticipated foreign exchange impacts. We expect the majority of this growth to occur in the second half of 2023, given the timing of our expected near-term launches.
Integration planning for our proposed acquisition of Seagen is underway, and we continue to expect the
transaction to close in late 2023 or early 2024, subject to the satisfaction of customary closing conditions. As we de-lever our capital structure after the close, we expect our strong balance sheet will continue to provide the flexibility for future dividend increases and share repurchase activity, as well as additional business development activity.”
