The profits of the New York laboratory contracted to US$5.540 million, 29% less than the US$7.860 million achieved a year ago, according to its corporate balance sheet.
The pharmaceutical Pfizer announced that its profits fell drastically in the first three months of 2023. The profits of the New York laboratory contracted to US$5.540 million, 29% less than the US$7.860 million achieved a year ago. Despite that, the results have been above the expectations of the consensus, which anticipated a profit per share of 98 cents that, finallyhas been 1.23 dollars.
This result is due, to a large extent, to the drop in revenue, which has fallen by 29% in the last 12 months. Thus, Pfizer’s sales, which between January and March 2022 were US$25,661 million, amounted to US$18,282 million in the first three months of the current year. According to the company, This reduction is attributed to the “expected” reduction in income related to products to treat Covid-19.
After these results, the company rises slightly in the pre-opening of Wall Street. So far this year, the value has fallen 23%.
In addition, The pharmaceutical company has reaffirmed its ‘guidance’ for the 2023 financial year. In the next 12 months, Pfizer expects revenue to range between US$67,000 and US$71,000 million and earnings per share to be between 3.25 and $3.45 per title.
On the other hand, the New York firm continues to expect sales related to treatments for Covid-19 to decrease this year. The company reaffirmed its forecast of $13.5 billion in sales of the Covid-19 vaccine in 2023 and $8 billion in revenue from Paxlovid. Excluding Covid-19 related products, Pfizer has said it expects revenue growth of 7% to 9% this year.
“This is an exciting time for Pfizer, as we are already rigorously executing and planning an unprecedented number of anticipated new product and indication launches, most of which are expected to occur in the second half of 2023. We believe the strength of our online products and anticipated near-term launches and revenue contribution from business development activities, including the proposed acquisition of Seagen, will position Pfizer to deliver strong operational growth through 2025 and beyond.” Albert Bourla, president and CEO of the company.
For his part, David Denton, Chief Financial Officer and Executive Vice President of Pfizer, stressed that the quarterly results “were in line with our expectations.” “We expect most of this growth to occur in the second half of 2023, given the timing of our anticipated near-term launches. As we deleverage our capital structure post-closing, we expect our strong balance sheet to continue to provide the flexibility for future dividend increases and share repurchase activity, as well as additional business development activity.”
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