Mixed results
COVID-19 portfolio
In the second quarter, revenues from Comirnaty declined 82% operationally compared to the prior-year period. The decline was caused by lower contracted deliveries and demand in international markets as well as lower US government contracted deliveries. Paxlovid revenues decreased 98% operationally, mainly due to the lack of US sales and lower contractual deliveries in most international markets.
On its quarterly conference call, Pfizer said it was facing uncertainty with regards to the demand projections for its COVID-19 products. It expects to gain more clarity during the second half of the year. The company also expects a new wave of COVID-19 to start in the US this fall based on the rise in infection rates it is currently seeing.
Outlook
Pfizer narrowed its revenue guidance for fiscal year 2023 to $67-70 billion from the previous range of $67-71 billion. The midpoint of the guidance range reflects a 31% operational decrease from 2022. Revenues are expected to be down in 2023 versus last year due to lower revenues from COVID-19 products. This decline is expected to be partly offset by the non-COVID-19 portfolio, new product launches, and recently acquired products.
Comirnaty revenues are expected to be down 64% YoY to approx. $13.5 billion in 2023. Paxlovid revenues are projected to be down 58% to approx. $8 billion. Excluding COVID-19 products, Pfizer now expects operational revenue growth of 6-8% in 2023. Adjusted EPS is expected to range between $3.25-3.45 in FY2023.