Pfizer Reports Second-Quarter 2023 Results
Pfizer have reported their financial results for the second quarter of 2023. The company narrowed its 2023 revenue guidance range to $67 to $70 billion, while maintaining its outlook for Adjusted diluted EPS of $3.25 to $3.45.
Sales of the COVID-19 vaccine, Comirnaty, which Pfizer shares with BioNTech fell 83% to $1.49 billion in the second quarter. Sales of antiviral treatment, Paxlovid, plummeted 98% to $143 million.
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “Pfizer has made significant progress toward our goal to launch 19 new products and indications in an 18-month span, having executed eleven launches thus far. We continue to build momentum in 2023, recently attaining key milestones for several products, including the U.S. launches of Prevnar 20 in pediatric patients and Zavzpret; U.S. approvals and launches for Abrysvo in older adults, Litfulo and the Talzenna plus Xtandi combination; U.S. approvals for Ngenla (expected to be available for prescribing this month) and Paxlovid; and U.S. regulatory filing acceptance for fidanacogene elaparvovec (Hemophilia B Gene Therapy).
Pfizer also reported on data from what they define as 'several exciting pipeline candidates' they believe have the potential to be significant value-drivers in the near to far future, including Phase 3 data from marstacimab, Pfizer’s novel, investigational anti-TFPI antibody being studied for the treatment of hemophilia A or B. Further data from elranatamab, Pfizer’s investigational BCMA CD3-targeted bispecific antibody currently being investigated in multiple myeloma; and first-in-human data from their pipeline of potential next-generation breast cancer treatments, including our novel CDK4, CDK2, and KAT6 inhibitors.
Pfizer have also referenced their plan to acquire Seagen, a global biotechnology company that discovers, develops and commercialises transformative oncology medicines. In addition to receiving approval of the transaction from Seagen shareholders and planning for the potential integration of the two companies, Pfizer have held discussions with regulatory bodies, including the Federal Trade Commission (FTC) and the European Commission (EC), and are working diligently to fulfill requests for further information from the FTC.
David Denton, Chief Financial Officer and Executive Vice President, stated: “The second quarter of 2023 delivered solid 5% operational revenue growth, excluding our COVID-19 products, and our year-to-date results are in line with our expectations. Despite a few near-term individual product revenue challenges, we believe the company is well positioned for accelerated growth of our non-COVID products in the second half of 2023. The COVID environment continues to evolve rapidly and remains highly unpredictable. In spite of this uncertainty, the company is maintaining its focus on ensuring successful fall vaccinations during the respiratory infection season."
Denton further explained that: "during the second quarter we successfully closed a $31 billion debt offering, the net proceeds of which we intend to use as part of the financing for Pfizer’s proposed acquisition of Seagen. 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 repurchases, as well as additional business development activity.”