Pfizer, the US pharmaceutical giant, has registered a Net income of $2.33 billion, or 41 cents a share, in the second quarter of 2023, down 77% from $9.91 billion, or $1.73 per share, during the same period a year ago. L’adjusted earnings per share it was 67 cents, higher than the 57 cents expected by analysts. The sales were $12.73 billion, down 54% from the same period a year ago and below the $13.27 billion market expectations. Excluding contributions from Comirnaty and Paxlovid (the two Covid-19 products), revenues grew 5% at an operating level.
The company has narrowed its range of revenue guidance for 2023 $67 to $70 billion (versus a prior range of $67 to $71 billion), while maintaining its outlook for adjusted EPS at $3.25 to $3.45. “Despite some near-term challenges on individual product revenues, we believe the company is well positioned for accelerated growth of our non-COVID products in the second half of 2023 – commented CFO David Denton – The COVID environment continues to evolve rapidly and remains highly unpredictable. Despite this uncertainty, the company continues to focus on ensuring successful fall vaccinations during the respiratory infection season. (Ticker)