Biotech Values

[DewDiligence]

PFE reports 3Q23 results—reiterates_2023_guidance_issued_on_10/13/23:

https://s28.q4cdn.com/781576035/files/doc_financials/2023/q3/Q3-2023-PFE-Earnings-Release.pdf

3Q23 revenue was $13.2B, -42% YoY, but +10% YoY excluding COVID-related revenue. 3Q23 COVID-related revenue was $1.51B ($1.31B Comirnaty; $202M Paxlovid), down from $11.9B in 3Q22.

3Q23 GAAP and non-GAAP EPS were losses due to the large non-cash charge for the reversal of previously recognized Paxlovid sales to the US government, as detailed in PFE’s 10/13/23 PR (https://www.businesswire.com/news/home/20231013643494/en ).

2023 guidance remains as per the 10/13/23 PR: revenue of $58-61B; non-GAAP EPS of $1.45-1.65; and organic sales growth excluding COVID of 6-8%.

The SGEN acquisition is still expected to close in 2023 or early 2024.


3Q23 CC slides:
https://s28.q4cdn.com/781576035/files/doc_financials/2023/q3/Q3-2023-Earnings-Charts-FINAL.pdf

Prepared CC remarks (synched with slides): https://s28.q4cdn.com/781576035/files/doc_financials/2023/q3/Q3-2023-Earnings-Conference-Call-Prepared-Remarks-FINAL.pdf