Pfizer Reports Fourth Quarter and Full-Year 2023 Results; Enters 2024 With a Solid Foundation

Pfizer reported its results for the fourth quarter and full year of 2023. Full-year 2023 revenues were $58.5 billion, reflecting a 41% operational decline due primarily to the expected decline in COVID-19 revenues, while fourth-quarter revenues were $14.2 billion, reflecting a 42% operational decline. Excluding contributions from its COVID portfolio, Pfizer achieved 7% operational revenue growth for the full-year 2023 and 8% operational revenue growth in the fourth quarter alone.

Pfizer achieved its full-year 2023 non-COVID operational revenue growth target of 6% to 8% with significant contributions from new product and indication launches and growth from key in-line brands. Fourth-quarter results reflected strong performance across several key medicines and vaccines, as the company continued to advance its pipeline.

The company also reaffirmed full-year 2024 revenue guidance of $58.5 to $61.5 billion provided on December 13, 2023, and is on track to deliver at least $4 billion in annual net cost savings by the end of 2024 from its cost realignment program.

Please reference Pfizer’s fourth quarter and full-year 2023 earnings release for additional information regarding our financial guidance details and assumptions and for additional information regarding Pfizer’s fourth quarter and full-year 2023 results.

2023 Achievements

In 2023, Pfizer attained several significant achievements, providing a strong foundation for 2024 and beyond. The company received a record number of nine New Molecular Entity approvals from the U.S. Food and Drug Administration (FDA) that are expected to favorably impact Pfizer’s performance in the coming years. Additionally, approximately 618 million patients were treated with Pfizer’s medicines and vaccines¹, a testament to the company’s longstanding commitment to helping address the most pressing needs of patients around the world.

Notably, in December 2023, Pfizer completed the acquisition of Seagen Inc., one of the largest investments in Pfizer’s history. The acquisition positions Pfizer to accelerate and deliver the potential next generation of transformative cancer treatments in the near- and long-term.

“With the combined strength of Pfizer’s 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 lives,” said Dr. Albert Bourla, Chairman and Chief Executive Officer. “We look forward to sharing the vision of the new Pfizer Oncology Division at our announced Oncology Innovation Day on Thursday, February 29.”

Delivering Scientific Breakthroughs

The company continued to advance its non-COVID medicines and vaccines portfolios with a number of regulatory developments in the last few months, including:

• FDA approval of a treatment for patients with nonmetastatic castration-sensitive prostate cancer with biochemical recurrence at high risk for metastasis;
• European Commission (EC) approval of a treatment for relapsed or refractory multiple myeloma in adults who have received at least three prior therapies;
• EC approval of a combination treatment for adults with metastatic castration-resistant prostate cancer in whom chemotherapy is not clinically indicated;
• FDA approval of an antibody-drug conjugate (ADC) with a PD-1 inhibitor for the treatment of adults with locally advanced or metastatic urothelial cancer;
• U.S. filing acceptance seeking to convert the accelerated approval of the company’s medicine to full approval for treatment of patients with recurrent or metastatic cervical cancer with disease progression on or after first-line therapy; and
• U.S. filing acceptance for an investigational anti-tissue factor pathway inhibitor for treatment of hemophilia A or B for people without inhibitors to Factor VIII or Factor IX.

For a comprehensive overview of Pfizer’s research and development (R&D) pipeline, read the company’s latest pipeline snapshot.

Returning Value to Shareholders

In 2023, the company continued its plans to reinvest capital into initiatives intended to catalyze future growth and return capital directly to shareholders.

Pfizer invested $10.7 billion in internal R&D projects and approximately $43.8 billion in completed business development transactions, including approximately $43 billion for the acquisition of Seagen Inc. Pfizer also returned capital directly to shareholders through $9.2 billion of cash dividends, or $1.64 per share of common stock.

“We are pleased with the strong 8% operational revenue growth of Pfizer’s non-COVID products in the fourth quarter of 2023, achieving our full-year 2023 non-COVID operational revenue growth target of 6% to 8%,” said David Denton, Chief Financial Officer and Executive Vice President. “We are prepared to execute our commercial strategy to drive continued growth from our newly launched and acquired products, and to deliver on our targeted cost savings that we expect will expand our operating margins in 2024 and beyond.”

A Solid Foundation for 2024

Pfizer is entering 2024 with a solid foundation. Looking ahead, the company is focused on achieving executional excellence in 2024. To bring additional focus to the business, Pfizer has outlined several strategic priorities. These priorities include achieving world-class oncology leadership, delivering the next wave of pipeline innovation, maximizing the performance of its new products and core franchises through a relentless focus on execution, and realigning the company’s cost base to help support profitability while allocating capital to enhance shareholder value.

Please see below earnings highlights and visit Pfizer’s Investor’s site for more information.

¹The Patients Treated metric is calculated from Pfizer and third-party datasets. This estimate does not include Seagen patients treated. Figures may be limited given the coverage provided by external sources (e.g., calendar duration, geographic and product coverage) and are subject to change. Numbers are estimates and in some cases use global volume, daily dosage and number of treatment days to facilitate calculations. Methodologies to calculate estimates may vary by product type given the nature of the product and available data. Patients taking multiple Pfizer products may be counted as multiple patients towards total. Numbers do not include comprehensive estimated patient counts from Ex-US Access & Affordability programs. Historical estimates may periodically be subject to revision due to restatements in the underlying data source.

Forward-looking statements included herein, including those related to our anticipated operating and financial performance, including financial guidance and projections, our cost realignment program, our recent acquisition of Seagen and our anticipated product launches are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at www.pfizer.com and the SEC’s website at www.sec.gov. Also reference Pfizer’s fourth-quarter and full-year 2023 earnings release for additional information regarding our financial guidance details and assumptions.