Biotech Values

[DewDiligence]

PFE reports 1Q24 results—raises 2024 non-GAAP EPS guidance:

https://s28.q4cdn.com/781576035/files/doc_financials/2024/q1/Q1-2024-PFE-Earnings-Release.pdf

1Q24 highlights

• 1Q24 revenue was $14.9B, -19% YoY—but +11% YoY excluding COVID-related revenue.

• 1Q24 sales of Comirnaty (COVID vaccine) and Paxlovid were $354M and $2.0B, respectively.

• 1Q24 GAAP and non-GAAP EPS were $0.55 and $0.82, respectively. Both the GAAP and non-GAAP figures include a $0.11 benefit from a better settlement with the US government on expired lots of Paxlovid than the amount that PFE wrote off during 4Q23.

2024 full-year guidance

• 2024 non-GAAP EPS guidance is now $2.15-2.25, up $0.10 from the prior range. Both the old and the new guidance ranges include 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.

• 2024 sales guidance for Comirnaty (COVID vaccine) is $5B (down from $11.2B in 2023), unchanged from the prior guidance three months ago. ~90% of 2024 Comirnaty sales are expected to occur in 4Q23, due to seasonality.

• 2024 sales guidance for Paxlovid is $3B (no meaningful figure for 2023 due to the aforementioned write-off), unchanged from the prior guidance three months ago. Inasmuch as 1Q24 Paxlovid sales were $2.0B, the 2024 full-year guidance implies $1.0B of Paxlovid sales during 2Q24/3Q24/4Q24.

• 2024 sales guidance for legacy-Seagen sales is $3.1B.


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