The Covid pandemic drives Pfizer’s 2022 income to a document $100 billion

The continuing Covid-19 pandemic propelled pharmaceutical firm Pfizer’s earnings to a document $100 billion final 12 months, nearly $57 billion of which was pushed by its vaccine and antiviral tablet Paxlovid, the corporate reported Tuesday.

The vaccine accounted for $37.eight billion, up simply 3% from 2021, of Pfizer’s complete gross sales as demand for the photographs slowed. However gross sales of its blockbuster antiviral remedy made up for that softening, surging to $18.9 billion in 2022, the primary full 12 months that Paxlovid was available on the market.

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Pfizer’s mixed gross sales from its Covid vaccine and antiviral remedy generated extra income final 12 months than it had in complete gross sales in 2019, earlier than the pandemic turned a worldwide disaster that killed greater than 6.eight million folks and upended world markets. These outcomes will not be repeated this 12 months.

Pfizer advised traders to anticipate income to say no in 2023 by as a lot as 33% to between $67 billion and $71 billion because the world emerges from the pandemic and demand for its blockbuster Covid medication slows.

Covid vaccines gross sales are projected to plummet by 64% this 12 months to $13.5 billion from $37.eight billion in 2022. Paxlovid gross sales are anticipated to drop 58% to $eight billion in 2023 from $18.9 billion in 2022.

Pfizer can be forecasting that its full-year earnings per share will drop by as a lot as 50%, to between $3.25 and $3.45, from a document EPS of $6.58 in 2022.

The corporate’s fourth-quarter outcomes have been largely in keeping with analysts’ expectations.

Pfizer CEO Albert Bourla final quarter laid out a 2030 progress plan for the corporate that appears past the pandemic. Bourla mentioned he sees future income progress from RSV vaccines and drugs for migraines and ulcerative colitis, amongst different drug merchandise.