Pfizer's 2Q Financials Reveal Huge Drop In Covid Product Revenue; Comirnaty Down 82%, Paxlovid Down 98% From Year-Ago Quarter

August 1, 2023

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Pfizer reported second quarter revenues of $12.7 billion, a decrease of $15.0 billion, or 54%, compared to the prior year quarter, reflecting an operational decline of $14.7 billion, or 53%. The decline was primarily due to a decrease in Paxlovid and Comirnaty revenues globally, as well as an unfavorable impact of foreign exchange of $283 million, or 1%.

David Denton, Chief Financial Officer and Executive Vice President, stated: “The second quarter of 2023 delivered solid 5% operational revenue growth, excluding our COVID-19 products, and our year-to-date results are in line with our expectations. Despite a few near-term individual product revenue challenges, we believe the company is well positioned for accelerated growth of our non-COVID products in the second half of 2023. The COVID environment continues to evolve rapidly and remains highly unpredictable. In spite of this uncertainty, the company is maintaining its focus on ensuring successful fall vaccinations during the respiratory infection season."

Company revenues are anticipated to be lower in 2023 than in 2022 due to expected revenue declines for Pfizer’s COVID-19 products.

Second-quarter 2023 Comirnaty revenues declined $7.3 billion, or 82%, operationally compared with the prior year quarter, largely driven by lower contracted deliveries and demand in international markets and lower U.S. government contracted deliveries, with anticipated transition to new variant vaccines globally and to traditional U.S. commercial market sales in the second half of 2023.

Second-quarter 2023 Paxlovid revenues declined $8.0 billion, or 98%, operationally compared with the prior-year quarter, primarily driven by no second quarter U.S. sales in anticipation of transition to traditional commercial markets in the second half of 2023, and lower contractual deliveries in most international markets.

Revenue guidance for Pfizer’s COVID-19 products is as follows:

Comirnaty revenues of approximately $13.5 billion, down 64% from 2022 results.
Paxlovid revenues of approximately $8 billion, down 58% from 2022 results.
In contrast to previous years, guidance for both products is no longer based primarily on expected deliveries under existing signed or committed supply contracts, but now also includes, among other things, an anticipated transition to traditional commercial markets in the U.S. in the second half of 2023.

The results suggest that people are finally waking up to the dangers of Pfizer's covid products.

Better late than never.