On Tuesday, Pfizer issued its sales guidance for 2023, projecting revenues between $67 billion and $71 billion, which marks a decline from its record-breaking performance in 2022.
In 2022, the pharmaceutical giant achieved a milestone with $100.3 billion in total revenue, driven significantly by over $50 billion in sales from Covid vaccines and antivirals.
Pfizer anticipates a revenue decrease of up to 33% for 2023 compared to 2022, reflecting easing pandemic conditions and reduced demand for its Covid product portfolio.
The company expects $13.5 billion from Covid vaccine sales and $8 billion from Paxlovid in the upcoming year.
For earnings per share (EPS) in 2023, Pfizer forecasts between $3.25 and $3.45, potentially marking a 50% decline from its record high of $6.58 in 2022.
In terms of net income, Pfizer reported $31.4 billion for 2022, a 43% increase over the previous year.
Following this announcement, Pfizer’s stock fell 3% in premarket trading.
In the fourth quarter of 2022, Pfizer’s results largely met analysts’ expectations.
The company reported nearly $5 billion in net income for the quarter, which represents a 47% increase compared to the same period in 2021. Quarterly revenue stood at $24.3 billion.
Here’s how Pfizer’s fourth-quarter performance compares with Wall Street’s expectations, based on average analyst estimates compiled by Refinitiv:
– Adjusted EPS: $1.14 vs. $1.05 expected
– Revenues: $24.3 billion vs. $24.28 billion
