Pfizer Inc (NYSE:PFE) posted record-high revenue of $100.3 billion in 2022, fueled by more than $50 billion in sales of its Covid-19 vaccine and treatments, but the company isn’t expecting a repeat of that in 2023.
The pharmaceutical giant expects revenue to fall by nearly a third this year, issuing full-year revenue guidance of between $67 billion and $71 billion. Specifically, Pfizer projects $13.5 billion in Covid vaccine sales and $8 billion in revenue for its antiviral pill, Paxlovid.
Don’t tell that to CEO Albert Bourla, though.
“As we turn to 2023, we expect to once again set records, with potentially the largest number of new product and indication launches that we’ve ever had in such a short period of time,” Bourla said in a statement. “We believe that the combination of these expected near-term launches, additional pipeline products that could potentially come to market in the medium-term, and anticipated contributions from business development, has the potential to set the company up for continued robust growth through the rest of this decade and beyond
For now, though, the company posted fourth-quarter revenue of $24.3 billion, compared to expectations of $24.28 billion, and earnings per share of $1.14, compared to expectations of $1.05 per share.
Shares of Pfizer dipped 0.2% to $43.46 — nearly flat but below the broader market — Tuesday morning.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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