Pfizer Q4 Earnings Eke Out Unexpected Profit Despite Lower COVID Product Sales

By
Mrinalini Krishna
Mrinalini Krishna
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Mrinalini Krishna is the Senior Editor of investing news at Investopedia. She's been a journalist for more than 10 years covering business, personal finance, and investing news.

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Published January 30, 2024
Pfizer

Mario Tama / Staff / Getty Images

Key Takeaways

  • Pfizer reported a surprise profit in the fourth quarter despite double-digit revenue contraction.
  • Adjusted income came in at $593 million or 10 cents per diluted share versus a loss expected by analysts.
  • Fourth quarter revenue fell 41% from a year ago to $14.2 billion.

Pfizer Inc. (PFE) delivered a surprise profit in the fourth quarter despite a double-digit contraction in revenue. Pfizer shares were up 1.8% in early trading Tuesday following the release.

While analysts expected wider quarterly losses, the company posted a surprise adjusted income of $593 million or 10 cents per diluted share. That's roughly 91% lower than the figures from the same period in the prior year.

Revenue contracted about 41% to $14.2 billion as demand for its COVID-related products—Comirnaty and Paxlovid—weakened further even. Taking those two products out of the mix, the company's revenues grew 8% or $934 million.

Q4 2023 Analyst Estimates for Q4 2023 Q4 2022 Year-Over-Year % Change
Revenue $14.2 billion $14.3 billion $24.3 billion (41.5%)
Adjusted Diluted Earnings (or Loss) Per Share 10 cents (19 cents) $1.14 (91.2%)
Adjusted Net Income (or Loss) $593 million ($1.1 billion) $6.55 billion (90.9%)

In 2024, the company hopes to capitalize on its non-COVID revenue streams further and reap some of the benefits from its acquisition of Seagen. The company said it expects 2024 revenue in the range of $58.5 billion to $61.5 billion, including $3.1 billion from Seagen and $8 billion from Comirnaty and Paxlovid.

Adjusted diluted EPS guidance of $2.05 to $2.25 is a shade lower than previously anticipated as the company expects expenses related to Seagen to shave off about 40 cents per share.

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  1. Pfizer. "Pfizer Reports Full-Year 2023 Results and Reaffirms Full-Year 2024 Financial Guidance."

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