The ongoing Covid-19 pandemic propelled Pfizer’s earnings to a record $100 billion last year, with nearly $57 billion driven by its vaccine and antiviral pill Paxlovid, the company reported on Tuesday.
The vaccine contributed $37.8 billion to Pfizer’s total sales, marking a modest 3% increase from 2021, reflecting a slowdown in demand for Covid shots.
In contrast, sales of its blockbuster antiviral treatment surged, reaching $18.9 billion for 2022, the first full year of Paxlovid’s market availability.
Last year, Pfizer’s combined revenue from its Covid vaccine and antiviral treatment exceeded its total sales in 2019, before the pandemic, which had devastating global consequences resulting in more than 6.8 million deaths and economic upheaval.
However, Pfizer anticipates these exceptional results will not be repeated this year.
Pfizer has informed investors to anticipate a revenue decline in 2023, projecting a decrease of up to 33% to between $67 billion and $71 billion, as global conditions normalize post-pandemic and demand for its Covid drugs wanes.
Sales of Covid vaccines are forecasted to drop by 64% this year, falling to $13.5 billion from $37.8 billion in 2022. Similarly, Paxlovid sales are expected to decline by 58% to $8 billion in 2023 from $18.9 billion the previous year.
Additionally, Pfizer predicts a potential 50% decrease in full-year earnings per share (EPS), with estimates ranging between $3.25 and $3.45, down from a record EPS of $6.58 in 2022.
Pfizer’s fourth-quarter results largely met analysts’ expectations. CEO Albert Bourla outlined a growth plan extending to 2030 that shifts focus beyond the pandemic. He highlighted expectations for revenue growth from products such as RSV vaccines, migraine medications, and treatments for ulcerative colitis, among others.
