The vaccine and the pill against covid became Pfizer's goose that laid the golden eggs during 2021 and 2022. The company surpassed the bar of $100 billion in revenue and shattered its profit record in 2022. By surpassing the pandemic, however, the collapse of the company's sales and results has been brutal.
During fiscal year 2023, the pharmaceutical giant's revenue fell by 42%, to $58,496 million (about €53,900 million at the current exchange rate), while net profit sank 93%, to $2,119 million.
The company led by Albert Bourla has even recorded losses of 3,369 million in the fourth quarter, partly due to returns on its anti-covid pill.
Pfizer has said 6.5 million doses of Paxlovid were returned last year, resulting in negative fourth-quarter sales of the drug of $3.1 billion.
The pharmaceutical company had previously said that it would receive 7.9 million returned doses, so the figure has been somewhat better than expectations.
In addition, in the third quarter Pfizer had written off or written off Covid-related inventory worth $5.6 billion.
These two items weigh down sales and profits.
The vaccine and the pill against covid mark the group's accounts and divide it into two halves.
Sales derived from the vaccine sink from 37,806 to 11,220 million dollars from one year to the next and those of Paxlovid plummet by 93%, from 18,933 to 1,279 million dollars.
With this, it is of little use that the income from products not related to these two covid products has grown by 7% in operational terms.
“We are encouraged by the strong results of our non-covid products in the fourth quarter of 2023, with important contributions from new launches and solid year-on-year growth from several key brands,” Bourla said in a statement.
The manager highlights that Pfizer received a record number of nine new compound approvals from the United States Food and Drug Administration (FDA), which he expects will have a favorable impact on Pfizer's performance in the coming years.
Pfizer has used part of the extra income and profits derived from anti-covid products to undertake acquisitions with which to grow in the future.
In December, the group closed the acquisition of Seagen, which it considers a fundamental step in its goal of achieving global leadership in oncology.
“With the combined strength of Pfizer and Seagen's talent, portfolios and platforms, we believe we have the potential to transform outcomes by delivering cancer medicines that help patients live better and longer,” said Bourla.
The company plans to detail the results, objectives and strategy of the group's new oncology division at an event scheduled for February 29.
Pfizer expects 2024 revenue to be between $58.5 billion and $61.5 billion, a figure that includes approximately $5 billion of expected revenue from the Covid vaccine (Comirnaty) and another $3 billion from the pill (Paxlovid).
It also adds about $3.1 billion in expected revenue from Seagen and about $1 billion related to the reclassification of royalty income from Pfizer.
At the same time, the company assures that it is on track to achieve annual net savings of at least $4 billion in costs through the end of 2024, as promised.
“We enter 2024 with a solid foundation.
"We believe that our commitment to execution, maximizing the performance of our new products and delivering the next wave of innovation in the product portfolio will drive Pfizer's growth and make a difference in the lives of patients around the world," Bourla concludes his comments.
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