COVID pandemic propels Pfizer’s 2022 revenue to record $100 billion

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The ongoing COVID-19 pandemic hit pharmaceutical company Pfizer’s earnings last year at a record $100 billion, of which about $57 billion was driven by its vaccine and antiviral pill Paxlovid, the company said on Tuesday.

The vaccine accounts for $37.8 billion in Pfizer’s total sales, expected to grow by just 3% from 2021 as demand for the shots slows. But sales of its blockbuster antiviral treatment made up for that softness, rising to $18.9 billion in 2022, the first full year that paxlovid was on the market.

Pfizer’s combined sales of its Covid vaccine and antiviral treatment generated more revenue last year than total sales in 2019, before the pandemic became a global crisis that killed more than 6.8 million people and sent world markets crashing. Impressed. Those results would not be repeated this year.

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Pfizer told investors that revenue is expected to decline by 33% in 2023 to between $67 billion and $71 billion as the world emerges from the pandemic and demand for its blockbuster Covid drugs slows.

Sales of Covid vaccines are projected to drop 64% to $13.5 billion this year from $37.8 billion in 2022. Paxlovid sales are expected to drop 58% from $8 billion in 2023 to $18.9 billion in 2022.

Pfizer is also forecasting that its full-year earnings per share will decline by 50% to between $3.25 and $3.45 in 2022 from record EPS of $6.58.

The company’s fourth quarter results were largely in line with analyst expectations.

Pfizer CEO Albert Bourla last quarter laid out a 2030 growth plan for the company looking beyond the pandemic. Bourla said he sees future revenue growth from RSV vaccines and drugs for migraine and ulcerative colitis, among other pharmaceutical products.

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