Pfizer’s Second Quarter: Solid Financial Performance and Several Pipeline AdvancesAugust 1, 2023
Pfizer delivered solid financial results for the second quarter of 2023, as the company executes on its goal of an unprecedented number of potential new product and indication launches while continuing to advance its pipeline. To date, Pfizer has launched eleven new products and indications, which are expected to contribute to non-COVID operational revenue growth in the second half of 2023 and beyond.
The company reported revenues of $12.7 billion for the quarter, reflecting a 53 percent operational decline. This decline was primarily due to a decrease in global revenues from its COVID-19 vaccine and treatment. Revenues grew 5 percent operationally excluding contributions from the company’s COVID-19 products.
Through the first six months of the year, more than 356 million patients around the world were treated with Pfizer’s medicines and vaccines1, underscoring the company’s commitment to making an impact that furthers its purpose to deliver breakthroughs that change patients’ lives.
“Pfizer has made significant progress toward our goal to launch 19 new products and indications in an 18-month span, having executed eleven launches thus far,” said Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer. “We look forward to continuing our progress in the second half of 2023, driven by commercial execution, scientific innovation and our never-ending commitment to delivering breakthroughs for patients.”
For more details, read Pfizer’s second quarter 2023 earnings release.
Delivering Scientific Breakthroughs
Pfizer’s second quarter saw several advances in generating breakthrough innovations that aim to improve the health of patients globally. In addition to achieving several regulatory approvals for new medicines and vaccines across a range of therapeutic areas, the company reported data from several exciting pipeline candidates. Among these were Phase 3 results from its investigational novel antibody being studied for the treatment of hemophilia A or B; Phase 2 results for its vaccine candidate for maternal immunization against Group B Streptococcus; and first-in-human data from its pipeline of potential next-generation breast cancer treatments.
For a comprehensive overview of Pfizer’s R&D pipeline, read the company’s latest pipeline snapshot.
Returning Value to Shareholders
Pfizer continued its plans to deploy capital to fuel future growth and return capital directly to shareholders.
During the first six months of 2023, Pfizer reinvested $5.2 billion in internal R&D projects and returned capital directly to shareholders through $4.6 billion of cash dividends, or $0.82 per share of common stock.
Notably, Pfizer made progress toward the proposed acquisition of Seagen, a global biotechnology company that discovers, develops and commercializes transformative oncology medicines. In addition to receiving approval of the transaction from Seagen shareholders and planning for the potential integration of the two companies, Pfizer continued to advance conversations with regulators. This proposed acquisition, expected to close in late 2023 or early 2024, subject to the satisfaction of customary closing conditions, represents an important step forward in Pfizer’s commitment to strengthen its efforts to support cancer patients and expand its leadership in oncology.
“The second quarter of 2023 delivered solid 5% operational revenue growth, excluding our COVID-19 products, and our year-to-date results are in line with our expectations. Despite a few near-term individual product revenue challenges, we believe the company is well positioned for accelerated growth of our non-COVID products in the second half of 2023. The COVID environment continues to evolve rapidly and remains highly unpredictable. In spite of this uncertainty, the company is maintaining its focus on ensuring successful fall vaccinations during the respiratory infection season,” said David Denton, Chief Financial Officer and Executive Vice President.
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. Figures may be limited given the coverage provided by external sources (e.g., calendar duration, geographic and product coverage). 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 include estimated patient counts from U.S. Patient Assistance Programs, ex-U.S. access & affordability programs, product donations and Global Commercial Access Partnerships (this does not include An Accord for a Healthier World). 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, our anticipated product launches and our proposed acquisition of Seagen, 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 sec.gov. Also reference Pfizer’s second-quarter 2023 earnings release for additional information regarding our financial guidance details and assumptions.