Pfizer (PFE) Q4 2023 Earnings Conference

By / / Pfizer

Financial Performance:

  • Pfizer recorded full-year 2023 revenues of $58.5 billion with 7% operational growth, despite a 41% operational decrease YoY largely due to sales declines in COVID products.
  • Full-year 2023 diluted EPS was $0.37, demonstrating a 93% YoY decline, with adjusted diluted earnings per share at $1.84, down 72% YoY.
  • Pfizer returned $9.2 billion to shareholders via dividends, invested $10.7 billion in R&D, and completed business development transactions worth approximately $44 billion.
  • Q4 saw an operational revenue growth of 8% YoY excluding COVID products, despite an overall revenue decline of 42% driven by lower sales of COVID products.
  • Total company full-year ’24 revenues are expected to range between $58.5 billion and $61.5 billion, with expected operational revenue growth of 8%-10% excluding Comirnaty and Paxlovid.
  • The expected adjusted diluted earnings per share for full-year 2024 range from $2.05 to $2.25.

Business Progress:

  • The acquisition of Seagen has doubled Pfizer’s oncology research resources and extended their US commercial footprint.
  • Pfizer plans to ensure next wave of pipeline innovations, maximize new product’s performance with a more efficient commercial structure, and right-size its cost base.
  • Pfizer plans to make significant R&D investments in Vaccines, Anti-Infectives, Internal Medicine Metabolic Diseases, and Inflammation and Immunology, leveraging AI and digital tools across the value chain.
  • The company expects at least eight potential blockbuster products from Seagen’s in-line medicines by 2030.
  • Pfizer is expecting to deliver $4 billion net savings from its cost realignment program by the end of the year.
  • The company plans to broaden their reach in key areas through their commercial, manufacturing, and supply capabilities. Their strategic priorities include maximizing the performance of new products like Nurtec, Oxbryta, Abrysvo, Elrexfio, Velsipity, and Litfulo, as well as core franchises like Prevnar, Vyndaqel, and Eliquis.
  • Pfizer is expecting several oncology catalysts in 2024, including the launches of PADCEV and XTANDI, along with the advancement of their late-stage pipeline with Phase 3 starts.
  • The company is expanding its ex-U.S. business, with a focus on improving diagnostic rates of certain diseases and tapping into opportunities like the Eliquis franchise in Germany and LORBRENA, a lung cancer treatment in China.
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