Pfizer reports 41% drop in revenue for full year 2023

Pfizer has disclosed its financial results for the entire year 2023, which show a fall in revenues of $58.5 billion. This represents a decrease of 41% from the revenue of $100.33 billion that was reported in 2022.

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Pfizer announced its 2023 yearly financial figures, showing a substantial decrease in revenue to $58.5 billion, marking a 42% drop from the previous year’s $100.33 billion. This decline was largely due to a decrease in sales of its COVID-19 vaccine, Comirnaty, and the antiviral Paxlovid, alongside a 41% operational decrease and a slight negative impact from foreign exchange rates. However, excluding these COVID-19 related products, the company saw a 7% operational growth.

CFO David Denton expressed satisfaction with the 8% operational growth of non-COVID products in the last quarter, aligning with their annual growth target. Additionally, Pfizer is on course to achieve significant cost savings by the end of 2024 through a cost realignment program. The year ended with a notable decline in earnings per share, emphasizing the impact of reduced COVID-19 product sales.

Source: https://insights.pfizer.com/fourth-quarter-fy-earnings-2023/

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