Pfizer misses by $0.09, reports revs in-line; guides FY23 EPS below consensus, revs in-line (30.55)
- Reports Q3 (Sep) loss of $0.17 per share, excluding non-recurring items, $0.09 worse than the FactSet Consensus of ($0.08); revenues fell 41.5% year/year to $13.23 bln vs the $13.34 bln FactSet Consensus.
- Co issues guidance for FY23, sees EPS of $1.45-1.65, excluding non-recurring items, vs. $2.13 FactSet Consensus; sees FY23 revs of $58.0-61.0 bln vs. $60.68 bln FactSet Consensus.
- Reaffirms Full-Year 2023 Non-COVID Operational Revenue Growth Expectation of 6% to 8% vs. 2022.
- The midpoint of the guidance range for revenues reflects a 40% operational decrease compared to 2022 revenues. Company revenues are anticipated to be lower in 2023 than in 2022 due to expected revenue declines for Pfizer's COVID-19 products, partially offset by expected operational growth from our non-COVID-19 in-line portfolio, new product and indication launches and recently acquired products.
- Current guidance does not anticipate any share repurchases in 2023.
- We launched our cost realignment program, from which we expect to achieve at least $3.5 billion of net cost savings by the end of 2024.