Pfizer 4Q Revenues Down 41%

Pfizer
4Q Revenues: $14.2 billion (-41%)
4Q Loss: $3.4 billion (earnings were $5.0 billion 4Q22)
FY Revenues: $58.5 billion (-42%)
FY Earnings: $2.1 billion (-93%)
Comments: Decline in Comirnaty and Paxlovid revenues drove 42% operational decrease in the quarter. Biopharmaceuticals business sales were down 42% in the quarter to $13.9 billion.
Primary Care sales were down 60% to $7.0 billion. Specialty care sales were up 11% to $3.9 billion. Oncology sales were down 3% to $2.9 billion in the quarter.
 
Abrysvo contributed $515 million in global revenues in the quarter, driven primarily by launch of the older adult indication in the U.S. in July 2023. Vyndaqel family sales were up 39% operationally, driven largely by continued uptake of the transthyretin amyloid cardiomyopathy (ATTR-CM) indication. Global Eliquis sales were up 9% operationally, driven primarily by continued oral anti-coagulant adoption and market share gains in the non-valvular atrial fibrillation indication, partially offset by declines due to loss of exclusivity and generic competition in certain international markets.
 
Global Ibrance sales were down 13% operationally, driven primarily by lower demand globally due to competition and lower clinical trial purchases in certain international markets.
Global Prevnar family sales were down 7% operationally, driven primarily by the pediatric indication in emerging markets due to lower demand and unfavorable timing of customer orders.
 
R&D expenses were $2.8 billion in the quarter, down 22%.