On October 31st local time, American pharmaceutical company Pfizer announced its third quarter report, with revenue of $44.247 billion in the first three quarters, a year-on-year decrease of 42%; The net profit was 5.488 billion US dollars, a year-on-year decrease of 79%. Among them, the company achieved a revenue of 13.232 billion US dollars in the third quarter, a year-on-year decrease of 42%; The net profit increased from a profit of $8.608 billion in the same period last year to a loss of $2.382 billion.
This is the first quarterly loss of Pfizer since 2019. The reason is that the revenue of COVID-19 vaccine and therapeutic drugs declined, resulting in a 41% decrease in the company's revenue in the third quarter; The revenue of non COVID-19 products increased by 10% year on year.
Pfizer said that the growth of new products and indications launched by the company, such as Abrysvo vaccine (used to prevent lower respiratory tract diseases caused by respiratory syncytial virus for people aged 60 years and above) and Prevnar20 vaccine (used for infants and children aged 6 to 17 years, and to prevent otitis media caused by 7 serotypes among infants aged 6 to 5 years), promoted the strong growth of operating income of non COVID-19.
From the perspective of single products, Pfizer's sales in the third quarter exceeded US $1 billion, including several star products such as COVID-19 Vaccine Comirnaty, anticoagulant Eliquis, and pneumonia vaccine Prevnar, among which pneumonia vaccine series reached US $1.854 billion, up 15% year on year.
Pfizer also announced its latest revenue guidance for the entire year of 2023, with a revenue range of $58 billion to $61 billion; The performance guideline for non COVID-19 drugs is 6% to 8% revenue growth; The adjusted earnings per share (EPS) ranges from $1.45 to $1.65. In terms of COVID-19 products, COVID-19 Vaccine Comirnaty's revenue was about US $11.5 billion, down 70% from its performance in 2022. The income of COVID-19 Paxlovid for oral medication is about US $1 billion, down 95% from its performance in 2022.
The decrease in revenue guidance can be traced back to early October, when the company agreed to withdraw nearly 8 million Paxlovids from the US government and reduced its sales forecast for 2023 by $9 billion. The company has also announced a $3.5 billion cost reduction plan, with an estimated annual net cost savings of at least $3.5 billion, of which approximately $1 billion is expected to be achieved in 2023 and an additional $2.5 billion is expected to be achieved by at least 2024.