Pfizer Takes Over 50% Hit In Q2 Sales As COVID-19 Related Revenues Dwindle, Tightens Annual Outlook

Pfizer Inc PFE has reported a Q2 adjusted EPS of $0.67, down 67% Y/Y, but beating the consensus of $0.57.

The company reported sales of $12.73 billion, down 54% Y/Y, missing the consensus of $13.17 billion, primarily due to decreased sales from Paxlovid and Comirnaty.

Excluding contributions from COVID-19 products - Comirnaty and Paxlovid, revenues grew 5% operationally. Second-quarter 2023 revenues from Comirnaty and Paxlovid reached $1.6 billion, down from $7.1 billion reported in Q1 FY23.

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."

Also Read: Pfizer's North Carolina Plant Severely Damaged By Tornado.

David Denton, CFO, and Executive Vice President, stated, "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."

FY23 Outlook: Pfizer revises FY23 revenue guidance to $67 billion - $70 billion, versus the consensus of $67.30 billion and prior guidance of $67-$71 billion.

The company adjusted the 2023 non-COVID operational revenue growth expectation to 6%-8% compared to the previous range of 7%-9%.

The company reaffirms adjusted EPS guidance of $3.25-$3.45, compared to the consensus of $3.32.

Pfizer reiterates sales of $13.5 billion from the COVID-19 vaccine for 2023 and projected $8 billion in sales of its antiviral pill, Paxlovid.

Price Action: PFE shares are down 0.03% at $36.04 on the last check Tuesday.