PFE - Pfizer Surprises With Profit But Revolutionizing Cancer Treatment Is Its Best Chance Of Getting Back In The Saddle | Benzinga
On Tuesday, Pfizer Inc (NYSE: PFE) reported mixed results for its fourth quarter. Last year, Pfizer has responded to concerns related to its COVID-19 products being the rearview mirror with a cost-cutting program, internal restructuring and by getting deeper into oncology with its purchase of cancer drugmaker Seagen. Treating and preventing cancer is the one battle the pharmaceutical industry has not won, but last year, Pfizer, along with Moderna Inc (NASDAQ: MRNA) and smaller players like Mainz Biomed N.V. (NASDAQ: MYNZ) gave hope that this could change with their intense efforts.
Fourth Quarter Results Reflect Its Recent And Ongoing Challenges
The New-York based drugmaker reported its revenue tumbled more than 41% to $14.25 billion, coming short of Wall Street estimates of $14.42 billion. Covid vaccine dragged revenue down as it tanked as much as 53% YoY $5.36 billion. Throughout 2023, COVID products, the Paxlovid antiviral treatment and vaccine Comirnaty, jointly brought in $12.5 billion which means Pfizer met its target, but this is a far cry from 2022’s $57 billion.
Pfizer made a net loss of $3.37 billion or 60 cents per share but adjusted earnings amounted to 10 cents, topping the 22 cents loss that LSEG estimated.
On a brighter note, while restructuring and acquisition costs ballooned 222%, Pfizer did a good job in lowering total expenses as it also slashed R&D by 22% to $2.82 billion which helped its results.
Pfizer Is Promising A Year Of Execution
Pfizer guided for 2024 revenue growth in a range that is flat to up 5%, with revenue in the range between $58.5 billion and $61.5 billion, maintaining its adjusted earnings forecast in the range ...