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Pfizer (PFE) Q2 earnings report 2023

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Pfizer on Tuesday reported second-quarter adjusted earnings that topped Wall Road’s expectations, however posted income that fell in need of estimates.

This is how Pfizer outcomes in contrast with Wall Road expectations, based mostly on a survey of analysts by Refinitiv:

  • Earnings per share: 67 cents per share adjusted, vs. 57 cents per share anticipated
  • Income: $12.73 billion, vs. $13.27 billion anticipated

Pfizer booked a web earnings of $2.33 billion, or 41 cents per share. That fell from $9.91 billion, or $1.73 per share, throughout the identical interval a yr in the past. 

Excluding sure objects, the corporate’s earnings per share have been 67 cents per share for the quarter. 

Pfizer reported first-quarter gross sales of $12.73 billion, down 54% over the identical interval a yr in the past.

Pfizer shares have fallen practically 30% this yr, placing the corporate’s market worth at roughly $203 billion.

Pfizer is in a transition interval because it navigates its post-pandemic growth.

The corporate and rival drugmakers like Moderna have seen a steep drop off in Covid-relates gross sales this yr because the world emerges from the pandemic and depends much less on blockbuster vaccines and coverings that assist shield in opposition to the virus.

That decline, which has weighed on Pfizer’s gross sales through the previous two quarters, exhibits no indicators of abating.

However Pfizer is pinning its hopes on mergers and acquisitions and a report pipeline to assist the corporate pivot to new areas of progress. 

Traders are longing for executives to offer updates on Pfizer’s a number of near-term drug launches, which CEO Albert Bourla mentioned in Might will assist develop non-Covid revenues “at a quicker price” through the second half of the yr.

That features Pfizer’s vaccine for respiratory syncytial virus and its up to date Covid shot – each of that are slated to roll out through the third quarter.

Executives are additionally more likely to be requested in regards to the firm’s $43 billion acquisition of most cancers remedy maker Seagen – a deal Pfizer believes might contribute greater than $10 billion in risk-adjusted gross sales by 2030. 

The U.S. Federal Commerce Fee requested Pfizer and Seagen for extra data on their proposed merger through the second quarter. The transfer got here because the company cracks down on comparable offers within the pharmaceutical trade. 

Executives may even more likely to handle the twister that hit Pfizer’s main plant in North Carolina after the corporate instructed hospitals final month that greater than 30 medicine may even see new provide disruptions because of the injury.

Pfizer will maintain a convention name at 10 a.m. ET on Tuesday.