Vials of the Pfizer/BioNtech coronavirus disease (COVID-19) vaccine are displayed before being used at a mobile vaccine clinic in Valparaiso, Chile, on January 3, 2022.
Rodrigo Garrido | Reuters
Pfizer issued a sales guidance of $67 billion to $71 billion for 2023 on Tuesday, down from record 2022 results.
The drug company booked $100.3 billion for full-year 2022, an all-time high, driven by more than $50 billion in sales of Covid vaccines and antivirals.
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Pfizer expects sales for 2023 to fall by up to 33% compared to 2022 as the pandemic eases and demand for its Covid portfolio falls. The company expects $13.5 billion in 2023 Covid vaccine sales and $8 billion in revenue for Paxlovid.
Pfizer is forecasting earnings of between $3.25 and $3.45 per share for 2023, down 50% from its record $6.58 in 2022. The company reported net income of $31.4 billion in 2022, a 43% increase from 2021.
Pfizer’s stock fell 3% in premarket trading.
The drugmaker’s fourth-quarter results broadly met analysts’ expectations. The company reported net income of nearly $5 billion for the quarter, up 47% from the same period in 2021. It generated revenue of $24.3 billion for the quarter.
Here’s how the company performed versus Wall Street’s expectations for the fourth quarter, based on average analyst estimates compiled by Refinitiv:
- Adjusted earnings per share: $1.14 versus $1.05 expected
- Revenues: $24.3 billion versus $24.28 billion
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