Pfizer Reports 47% YoY Increase in Q4 Net Profit but Issues Disappointing 2023 Guidance

Intelligent Finance APP learned on January 31 (Tuesday) before the U.S. stock market that Pfizer (PFE.US) announced its financial results for the fourth quarter and full year of 2022. The earnings report shows that Pfizer's Q4 revenue increased by 2% year-on-year to $24.29 billion, falling short of the market expectation of $24.32 billion; excluding the contributions from the COVID-19 vaccine Comirnaty and the oral COVID-19 drug Paxlovid, revenue grew by 5% year-on-year. Net profit was $4.995 billion, a year-on-year increase of 47%; adjusted profit was $6.551 billion, a year-on-year increase of 44%. Adjusted diluted earnings per share were $1.14, better than the market expectation of $1.05.

By business division, the revenue from biopharmaceutical operations was $23.922 billion, representing a 2% year-over-year increase. Among this, the revenue from primary healthcare operations was $17.348 billion, up 7% year over year; specialty care operations revenue was $3.566 billion, down 11%; and oncology operations revenue was $3.007 billion, down 7%. Additionally, Pfizer CentreOne (Pfizer's CDMO and API supplier) reported revenue of $368 million, reflecting a 4% decrease year over year. Notably, Comirnaty, Pfizer’s COVID-19 vaccine, generated $11.329 billion in Q4, while the revenue from Paxlovid, Pfizer’s oral COVID-19 treatment, reached $1.834 billion.

Full-year revenue for 2022 reached a record $100.33 billion, increasing by 23% year-over-year; adjusted profit was $37.7147 billion, growing by 63% year-over-year; adjusted diluted earnings per share were $6.58, compared to $4.06 in the same period last year.

Looking ahead to 2023, Pfizer forecasts total revenue for the year to be between $67 billion and $71 billion, falling short of market expectations at $71.75 billion. The company expects Comirnaty's full-year revenue to reach $13.5 billion and Paxlovid’s annual revenue at $8 billion. Additionally, Pfizer anticipates adjusted earnings per share for 2023 to range from $3.25 to $3.45, also below market expectations of $4.31.

As of press time, Pfizer was down nearly 3% in pre-market trading on the U.S. stock market on Tuesday.