In the second quarter of 2023, Pfizer, the well-known American pharmaceutical company, reported a net profit of $2.33 billion. This represents a 77% decrease from the $9.91 billion profit recorded in the same period a year earlier. However, adjusted earnings per share beat analyst expectations, coming in at 67 cents versus 57 cents expected.
Total sales reached $12.73 billion, marking a 54% decrease over the same period last year. This figure falls short of market forecasts which estimated sales of $13.27 billion. However, excluding the contributions from Comirnaty and Paxlovid, the two Covid-19 products, revenues recorded operating growth of 5%.
Despite dwindling profits, Pfizer has narrowed its revenue forecast range for the full year 2023. The company now expects revenue to be between $67 and $70 billion, up from $67 to $71 billion previously forecast. Expectations for adjusted earnings per share remain unchanged, ranging between $3.25 and $3.45.