Thanks to less-than-expected returns of oral COVID-19 treatment Paxlovid by the federal government, Pfizer recorded a surprise profit in Q4 2023.
The pharma giant reported an adjusted diluted earnings per share (EPS) of $0.10, which represented a 91% year-over-year decline but exceeded Wall Street analyst expectations for a loss, according to its latest earnings report released Tuesday morning.
On the top line, Pfizer’s quarterly revenues fell 41% to $14.2 billion, the company reported a net loss of $3.3 billion as well as a negative reported EPS of $0.60 and adjusted income of $593 million.
The company reported the expected return of an estimated 6.5 million treatment courses of Emergency Use Authorization-labeled Paxlovid from the U.S. government inventory.
Still, when Paxlovid and COVID vaccine Comirnaty are excluded, the company’s revenues grew 8% operationally during the quarter.
Standouts driving that growth were RSV vaccine Abrysvo, which generated $515 million in global revenues, the Vyndaqel family of products, which grew 39% operationally and Eliquis, which rose 9%.
As for the full-year, Pfizer’s revenues fell 42% to $58.4 billion, its net income dropped 93% to $2.1 billion and its EPS slid to $0.93. Additionally, adjusted income dropped 72% to $10.5 billion during the period.
In 2023, Pfizer’s revenues grew 7% operationally, excluding contributions from Comirnaty and Paxlovid.
The latest financials paint an encouraging picture for a pharma company that endured a rocky finish to 2023, one that included cuts to its full-year guidance for its COVID products.
“We are encouraged by the strong performance of our non-COVID products in the fourth quarter of 2023, including significant contributions from new launches and robust year-over-year growth for several key in-line brands,” Pfizer CEO Albert Bourla said in a statement. “In 2023, Pfizer received a record number of nine new molecular entity approvals by the U.S. Food and Drug Administration (FDA)—medicines and vaccines that are expected to favorably impact Pfizer’s performance in the coming years.”
Bourla added that the Seagen acquisition that closed last month gives the pharma giant considerable momentum heading into the public meeting heralding the vision of its new Pfizer Oncology Division on February 29.
Pfizer also reaffirmed its full-year guidance of revenues between $58.5 billion to $61.5 billion along with an adjusted EPS of $2.05 to $2.25.
To read an April 2024 article on Pfizer raising its full year outlook in Q1, click here.
