Pfizer Reports H1 2023 Revenue of $31 Billion, Down 42% Year-over-Year Amid Decline in COVID-19 Product Demand

On August 1, 2023, Pfizer released its total performance for the second quarter and first half of 2023. The data showed that Pfizer's total revenue in the first half of the year was $31 billion, a year-on-year decrease of 42%. The revenue for the second quarter was $12.7 billion, a year-on-year decrease of 54%; excluding COVID-19 products, it increased by 5% year-on-year. The main reason for the overall decline in performance was the decreased patient demand for the COVID-19 oral drug Paxlovid and the COVID-19 vaccine Comirnaty.

In the second quarter of 2023, Pfizer's main revenue sources were the anticoagulant drug Eliquis (apixaban), the COVID-19 mRNA vaccine Comirnaty, the pneumococcal vaccine Prevnar, the breast cancer drug Ibrance (palbociclib), three rare cardiomyopathy drugs Vyndaqel/Vyndamax/Vynmac, the rheumatoid arthritis drug Xeljanz, and the prostate cancer drug Xtandi (enzalutamide), among other key products. Notably, the COVID-19 oral drug Paxlovid is no longer on Pfizer’s list of top-selling drugs.

Specifically, the three rare cardiomyopathy drugs—Vyndaqel, Vyndamax, and Vynmac—performed quite impressively, with cumulative sales reaching $1.468 billion in the first half of 2023, marking a 29% year-over-year increase, becoming a robust growth engine for Pfizer's business. This is mainly due to the continued penetration of these three products in the transthyretin amyloid cardiomyopathy (ATTR-CM) patient markets in the United States and developed European countries.

In addition, Nurtec ODT/Vydura (Rimegepant), a new migraine drug acquired from Biohaven, achieved sales of $414 million in the first half of 2023, demonstrating significant market growth potential.

Pfizer anticipates a密集期 of new drug/new indications launches in the second half of 2023, which will drive higher growth than in the first half.

Notable pending drug approvals include: etrasimod, an oral selective sphingosine-1-phosphate (S1P) receptor modulator for the treatment of moderate to severe ulcerative colitis (UC); elranatamab, a BCMA/CD3 bispecific antibody for the treatment of multiple myeloma (MM); and MenABCWY, a pentavalent meningococcal vaccine for the prevention of meningococcal disease in individuals aged 10 to 25.

In order to find a clear growth point for performance, in the first quarter of 2023, Pfizer acquired Seagen, the leading company in ADC research and development, for $42.8 billion. It is worth mentioning that in the second quarter of 2023, Pfizer completed a $31 billion debt issuance and planned to use its net proceeds as part of the funding source for the acquisition of Seagen. The transaction will be fully completed by the end of 2023 or early 2024.

Pfizer also reaffirmed its 2023 financial guidance in this quarterly report, consistent with the previous plan, expecting full-year revenue to be between $67 billion and $70 billion.

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