Biotech Values

[DewDiligence]

PFE reports 4Q23 results—re-iterates 2024 guidance:

https://www.pfizer.com/news/press-release/press-release-detail/pfizer-reports-full-year-2023-results-and-reaffirms-full

4Q23 revenue was $14.2B, -42% YoY—but +8% YoY excluding COVID-related revenue. 4Q23 COVID-related revenue was $2.2B, down from $13.2B in 4Q22.

4Q23 GAAP and non-GAAP EPS were ($0.60) and $0.10, respectively. Both the GAAP and non-GAAP figures include a ($0.54) hit from the previously reported $3.5B reversal of Pavlovid sales to the US government; 4Q23 GAAP EPS (but not non-GAAP EPS) also includes a $1.4B non-cash writedown for Etrasimod (due to more conservative assumptions about new indications) and a $1B non-cash writedown for Prevnar-13 (which is now an obsolete product due to Prevar-20).

2024 guidance remains as per PFE’s press release of 12/13/23 (#msg-173417828). 2024 non-GAAP EPS guidance of $2.05-2.25 includes a negative $0.40 hit from SGEN, most of which stems from the net interest expense on the $43B of net debt PFE took on to fund the acquisition.

Note: The SGEN acquisition closed on 12/14/23, so SGEN’s sales and earnings were included in PFE’s 4Q23 results for only about 15% of the period, contributing ~$200M to sales.


4Q23 CC slides:
https://investors.pfizer.com/files/doc_financials/2023/q4/Q4-2023-Earnings-Charts-FINAL.pdf

CC prepared remarks (synched with slides):
https://s28.q4cdn.com/781576035/files/doc_financials/2023/q4/Q4-2023-Earnings-Conference-Call-Prepared-Remarks-FINAL.pdf