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Pharma & Biopharma 4Q Financials At A Glance

Steep decline in COVID product sales impacts results in the quarter.

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By: Kristin Brooks

Managing Editor, Contract Pharma

Pfizer
4Q Revenues: $14.2 billion (-41%)
4Q Loss: $3.4 billion (earnings were $5.0 billion 4Q22)
FY Revenues: $58.5 billion (-42%)
FY Earnings: $2.1 billion (-93%)
Comments: Decline in Comirnaty and Paxlovid revenues drove 42% operational decrease in the quarter. Biopharmaceuticals business sales were down 42% in the quarter to $13.9 billion.
Primary Care sales were down 60% to $7.0 billion. Specialty care sales were up 11% to $3.9 billion. Oncology sales were down 3% to $2.9 billion in the quarter.
Abrysvo contributed $515 million in global revenues in the quarter, driven primarily by launch of the older adult indication in the U.S. in July 2023. Vyndaqel family sales were up 39% operationally, driven largely by continued uptake of the transthyretin amyloid cardiomyopathy (ATTR-CM) indication. Global Eliquis sales were up 9% operationally, driven primarily by continued oral anti-coagulant adoption and market share gains in the non-valvular atrial fibrillation indication, partially offset by declines due to loss of exclusivity and generic competition in certain international markets.
Global Ibrance sales were down 13% operationally, driven primarily by lower demand globally due to competition and lower clinical trial purchases in certain international markets.
Global Prevnar family sales were down 7% operationally, driven primarily by the pediatric indication in emerging markets due to lower demand and unfavorable timing of customer orders. 
 
Sanofi
4Q Revenues: €10.9 billion (+2%)
4Q Loss: €555 million (-118%)
FY Revenues: €43.1 billion (flat)
FY Earnings: €5.4 billion (-36%)
Comments: Specialty Care sales were up 13.7% in the quarter driven by Dupixent with sales of €2.99 billion, up 31%, and ALTUVIIIO launches, offsetting competition from generics of Aubagio in all key markets. Aubagio sales were down 74% to €121 million in the quarter. Myozyme sales were down 20% to €160 million. Nexviazyme sales were up 115% to €131 million in the quarter.
Vaccines sales increased 21% mainly due to the unprecedented uptake of RSV vaccine Beyfortus, reaching €410 million in the second quarter of its launch, offset by lower Influenza vaccines sales and COVID-19 vaccines. Influenza vaccines sales were down 4% to €741 million. 
Polio/Pertussis/Hib vaccines sales were up 3% to €434 million. Meningitis, Travel and endemic vaccines sales were up 10% to €242 million. Booster vaccines sales were down 1.4% to €139 million.
General Medicines declined 2% related to lower sales of Lantus and non-core asset divestment.
Lantus sales were €277 million, down 24.9% in the quarter. Core assets sales increased 6.3% to €1.6 billion, mainly driven by the performance of Plavix, Toujeo, Rezurock, and Praluent partially offset by lower sales of Mozobil due to generic competition.
Biopharma business sales decreased 2.8% to €2.3 billion.
 
Novartis
4Q Revenues: $11.4 billion (+8%)
4Q Earnings: $2.6 billion (+101%)
FY Revenues: $45.4 billion (+8%)
FY Earnings: $8.6 billion (+42%)
Comments: Sales growth in the quarter was mainly driven by continued strong performance from Entresto (+27% to $1.6 billion), Kesimpta (+74% to $641 million), Kisqali (+71% cc to $610 million), Pluvicto (+53% to $273 million) and Scemblix (+143% cc to $125 million). Cosentyx sales were $1.3 billion in the quarter, up 21%. Promacta/Revolade sales were %563 million, up 4%. Tafinlar + Mekinist sales were $486 million, up 5%. Tasigna sales were down 6% to $446 million. Jakavi sales were $444 million, up 14%. Lucentis sales were down 24% to $301 million.
Earnings growth was driven by higher operating income and non- recurring favorable tax impacts.  During the year, Novartis completed its transformation into a “pure-play” innovative medicines business focused on four core therapeutic areas: cardiovascular-renal-metabolic, immunology, neuroscience and oncology.
Discontinued operations include the Sandoz generic pharmaceuticals and biosimilars division, certain corporate activities attributable to Sandoz prior to the spin-off up to the distribution date of October 3, 2023, and certain other expenses related to the spin-off. 
 
Johnson & Johnson
4Q Revenues: $21.4 billion (+7%)
4Q Earnings: $4.1 billion (+28%)
FY Revenues: $85.2 billion (+6.5)
FY Earnings: $13.3 billion (-18.6%)
Comments: Innovative Medicine worldwide operational sales grew 5% in the quarter. Growth was driven by DARZALEX (daratumumab) with sales up 22% to $2.6 billion, ERLEADA (apalutamide) with sales up 20% to $647 million, TECVAYLI (teclistamab-cqyv) in Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) with sales of $159 million. STELARA (ustekinumab) sales were $2.75 million, up 15%. TREMFYA (guselkumab) sales were $910 million, up 21%. SPRAVATO (esketamine) sales were $206 million, up 74%. Growth was partially offset by ZYTIGA (abiraterone acetate) with sales down 26% to $201 million, and IMBRUVICA (ibrutinib) with sales down 9% to $788 million, and REMICADE (infliximab) sales down 10% to $429 million. COVID-19 Vaccine sales were down 94% to $44 million.
 
Bristol Myers Squibb
4Q Revenues: $11.5 billion (+1%) 
4Q Earnings: $1.8 billion (-13%)
FY Revenues: $45.0 billion (-2%) 
FY Earnings: $8.0 billion (+27%)
Comments: Higher sales of new product portfolio, as well as Eliquis and Opdivo sales, were partially offset by lower sales of Revlimid, down 38% to $1.5 billion. Total In-Line Products were up 5% to $8.7 billion. Eliquis sales were $2.9 billion in the quarter, up 7%. Opdivo sales were $2.4 billion, up 8%. Orencia sales were $985 million, up 8%. Pomalyst/Imnovid sales were $890 million, up 1%. Yervoy sales were flat at $566 million. Sprycel sales were $526 million, down 9%.
New product portfolio sales were up 66% to $645 million. Reblozyl sales were up 61% to $199 million. Opdualag sales were up 83% to $104 million. Zeposia sales were up 68% to $133 million, and Breyanzi sales were up 84% to $55 million.
 
AbbVie
4Q Revenues: $14.3 billion (-5%) 
4Q Earnings: $824 million (earnings were $2.5 billion 4Q22)
FY Revenues: $54.3 billion (-6%)
FY Earnings: $4.9 billion (earnings were $11.8 billion FY22)
Comments: Global immunology portfolio revenues were down 12% in the quarter to $6.95 billion, due to Humira biosimilar competition. Global Humira sales were $3.3 billion, down 41%. Global Skyrizi revenues were $2.4 billion, up 52%. Global Rinvoq revenues were $1.3 billion, up 63%. Oncology portfolio sales were $1.5 billion, down 7%. Global Imbruvica revenues were $903 million, down 19%. Venclexta revenues were $589 million, up 14%. The neuroscience portfolio sales were $2.1 billion, up 23%. Global Botox Therapeutic sales were $776 million, up 7%. Global Vraylar revenues were $789 million, up 40%. Global Ubrelvy revenues were $234 million, up 19%. Qulipta sales were $114 million in the quarter. The aesthetics portfolio were $1.4 billion, up 6%. Botox Cosmetic sales were $718 million, up 12%. Juvederm sales were $334 million, up 3%.
In the quarter, AbbVie announced a definitive agreement to acquire ImmunoGen, and its flagship cancer therapy Elahere, a first-in-class antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC), for approximately $10.1 billion. AbbVie also announced a definitive agreement to acquire Cerevel Therapeutics and its neuroscience pipeline of clinical-stage and preclinical candidates with potential across psychiatric and neurological disorders, for approximately $8.7 billion.  
 
Merck
4Q Revenues: $14.6 billion (+6%)
4Q Loss: $1.2 billion (earnings were $3.0 billion 4Q22)
FY Revenues: $60.1 billion (+1%)
FY Earnings: $14.5 billion (-97%)
Comments: Pharmaceutical sales were $13.1 billion, up 8% driven by growth in oncology, vaccines and hospital acute care, partially offset by a decline in virology, due to COVID-19 vaccine LAGEVRIO, and diabetes. LAGEVRIO sales were down 77% due to nonrecurrence of sales in the U.K. and lower demand in Japan and Australia. JANUVIA/JANUMET sales were down 14% to $787 million primarily due to generic competition in several international markets, particularly in Europe, and lower demand in the U.S.
KEYTRUDA sales were $46.6 billion, up 21% driven by increased global uptake in earlier-stage indications, including triple-negative breast cancer and renal cell carcinoma (RCC), and continued strong global demand from metastatic indications. PROQUAD, M-M-R II and VARIVAX sales were up 4% to $545 million, largely due to higher pricing in the U.S. BRIDION sales were $429 million, down 3% primarily due to generic competition particularly in Europe, partially offset by higher demand in the U.S. Lynparza sales were $315 million, up 8% driven primarily by higher pricing in the U.S. ROTATEQ sales were $185 million, up 34% due to public-sector buying patterns in the U.S. and timing of shipments in China. VAXNEUVANCE sales were $176 million, up 28% driven by launches in Europe and continued uptake for the pediatric indication in the U.S.
 
Gilead
4Q Revenues: $7.1 billion (-4%)
4Q Earnings: $1.4 billion (-13%)
FY Revenues: $27.1 billion (-1%)
FY Earnings: $5.6 billion (+23%)
Comments: Product sales were down in the quarter due to lower Veklury (remdesivir) and HIV sales, partially offset by higher Oncology sales. Descovy sales were down 5% to $509 million in the quarter. Biktarvy sales were up 7% in the quarter to $3.1 billion. Liver Disease portfolio sales were flat at $691 million in the quarter. Cell Therapy product sales increased 11% to $466 million in the quarter. Yescarta sales increased 9% to $368 million. Tecartus sales increased 19% to $98 million. Trodelvy sales increased 53% to $299 million. Veklury sales were down 28% to $720 million.

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