Pfizer reaffirms FY23 guidance, sees FY24 EPS and revenue below consensus including expected contribution from Seagen acquisition (28.58)
- Co reaffirms guidance for FY23 (Dec), sees EPS of $1.45-1.65 vs. $1.73 FactSet Consensus; sees FY23 (Dec) revs of $58-61 bln vs. $59.65 bln FactSet Consensus.
- Co issues downside guidance for FY24 (Dec), sees EPS of $2.05-2.25 vs. $3.17 FactSet Consensus; sees FY24 (Dec) revs of $58.5-61.5 bln vs. $62.66 bln FactSet Consensus.
- Pfizer expects full-year 2024 revenues to be in the range of $58.5 to $61.5 billion, which includes approximately $8 billion in anticipated revenues for Comirnaty and Paxlovid, approximately $3.1 billion in anticipated revenues from Seagen and approximately $1 billion related to the reclassification of Pfizer's royalty income from Other (Income)/Deductions into the Revenue line. Including the contribution from Seagen and excluding revenues from Comirnaty(2) and Paxlovid, Pfizer expects to achieve full-year 2024 operational(3) revenue growth of 8% to 10%. Excluding revenues from Comirnaty(2) and Paxlovid and the expected contribution from Seagen, Pfizer expects to achieve full-year 2024 operational(3) revenue growth of 3% to 5%. Both expected operational(3) growth rate ranges are compared with the mid-point of Pfizer's full-year 2023 revenue guidance range provided on October 31, 2023, and account for the reclassification of royalty income. While the company will begin reporting royalty income in the revenue line in 2024, for growth rate purposes, the company has included royalty income in both 2023 and 2024. Consequently, there is no operational revenue growth attributable to the reclassification of royalty income.
- Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer, stated: "Pfizer's product portfolio remains strong. In 2024, Comirnaty and Paxlovid are expected to deliver combined revenues of approximately $8 billion and our remaining portfolio of combined Pfizer and Seagen products is expected to achieve year-over-year operational revenue growth in the range of 8% to 10%. "In addition, we expect our cost realignment program to deliver savings of at least $4.0 billion by the end of 2024, which puts us on a path to potentially regain our pre-pandemic operating margins."