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Pfizer Revenues Down 42% in the Quarter and YTD

Continued drop in Paxlovid and Comirnaty sales globally impact results.

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By: Kristin Brooks

Managing Editor, Contract Pharma

Pfizer
3Q Revenues: $13.2 billion (-42%)
3Q Loss: $2.4 billion (earnings were $8.6 billion 3Q22)
YTD Revenues: $44.2 billion (-42%)
YTD Earnings: $5.5 billion (-79%)
Comments: Decline in revenues due to a drop in Paxlovid and Comirnaty sales globally, down 97% to $7.3 billion, and 70% to $3.1 billion, respectively. Abrysvo RSV vaccine revenues in the U.S. were $375 million following FDA approval of the older adult indication in May 2023. Migraine drug Nurtec ODT/Vydura and sickle cell disease treatment Oxbryta, which were acquired in 4Q22, contributed $233 million and $85 million in global revenues, respectively.
 
Vyndaqel family sales were up 48% to $892 million in the quarter driven by continued uptake of the transthyretin amyloid cardiomyopathy (ATTR-CM) indication, primarily in the U.S. and developed Europe. Prevnar family sales globally, were up 15% to $1.85 billion, driven by Prevnar 20 sales (adult) in the U.S., the U.S. approval of Prevnar 20 (pediatric); partially offset by anticipated lower market share for pediatric in the U.S. due to competition. Xeljanz sales were flat at $503 million in the quarter. Enbrel sales (Outside the U.S. and Canada) were down 10% to $208 million. Ibrance sales were down 3% to $1.2 billion. 
 
Biopharmaceuticals Business sales were $12.9 billion, down 42% in the quarter. Primary Care sales were $6.3 billion down 60%. Specialty care sales were $3.8 billion, up 10%. Oncology sales were $2.9 billion, down 6%. Business Innovation revenue was $302 million, down 5%.
 
In 1Q23, Pfizer established a Business Innovation segment that includes Pfizer CentreOne (PC1), the company’s CDMO and supplier of specialty active pharmaceutical ingredients; and Pfizer Ignite, a recently launched offering that provides R&D services to innovative biotech companies that align with Pfizer’s R&D focus areas. The prior period has been revised to conform to the current period presentation.
 
Restructuring charges and certain acquisition-related costs were $155 million in the quarter and $377 million YTD and includes charges/(credits) for employee terminations, asset impairments and other exit costs associated with business combinations. 

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