Drug major Pfizer Inc. (PFE) reported on Tuesday a profit for the first quarter that decreased 30 percent from last year, hurt by a 29 percent revenue drop amid a decline for COVID-19 products and an unfavorable impact of foreign exchange. Both adjusted earnings and quarterly revenues topped analysts' expectations. The company also reaffirmed its adjusted earnings and revenue guidance for the full-year 2023.
"Our first-quarter results were in line with our expectations, underlining our continued confidence in achieving 7% to 9% operational revenue growth for fiscal-year 2023, excluding our COVID-19 products and anticipated foreign exchange impacts," said David Denton, EPV and CFO.
The New York-based company reported net income for the quarter decreased about 30 percent to $5.54 billion or $0.97 per share from $7.86 billion or $1.37 per share in the prior-year quarter.
Excluding items, adjusted income for the quarter was $1.23 per share, compared to $1.62 per share in the year-ago quarter.
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined 29 percent to $18.28 billion from $25.66 billion in the same quarter last year. Excluding Paxlovid and Comirnaty, operational revenues were up 5 percent. Analysts expected revenues of $16.59 billion for the quarter.
Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $3.25 and $3.45 per share on revenues between $67.0 billion and $71.0 billion, with revenues of about $13.5 billion for Comirnaty and about $8 billion for Paxlovid. Excluding COVID-19 products, the company continues to expect 7 to 9 percent operational revenue growth in 2023
The Street is looking for earnings of $3.36 per share on revenues of $68.67 billion for the year.
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