What You Need To Know Ahead of Pfizer's Earnings on Tuesday

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Key Takeaways

  • Pfizer Inc. is expected to report a wider quarterly loss for the fourth quarter versus the prior period.
  • Pfizer's fourth-quarter revenue is projected to fall 40% year-over-year, leading to what could be $1.1 billion in adjusted net loss for the pharmaceutical giant. 
  • While analysts see sales of Pfizer COVID products diving 50% this quarter, the company projects another strong quarter for its Vyndaqel line of heart medication.

Analysts are projecting another difficult quarter for Pfizer Inc. (PFE) in which the company likely suffered a steep drop in revenue as demand for its COVID-19 products declined.

Pfizer is expected to detail adjusted losses of $1.1 billion or 19 cents a share, according to analyst consensus compiled by Visible Alpha, when it issues its earnings report on Jan. 30. For the same period in 2022, the company reported adjusted net income of $6.55 billion or $1.14 per share. The adjusted net loss excludes impact of intangibles, acquisitions and discontinued operations.

Pfizer had to lower its 2023 guidance in October as the demand for its COVID products waned and that continued to weigh on its results. Analysts expect a 40% year-over-year drop in revenue to $14.3 billion in the quarter.

Analyst Estimates for Q4 2023 Q3 2023 Q4 2022
Revenue $14.3 billion $13.2 billion $24.3 billion
Adjusted Earnings (or Loss) Per Share (19 cents) (17 cents) $1.14
Adjusted Net Income (or Loss) ($1.1 billion) ($968 million) $6.55 billion

Key Metric

After Pfizer has struggled amid poor demand for its COVID-19 products, including its Paxlovid treatment and the Comirnaty vaccine, investors will want to watch for the company’s reported revenue from this segment. Analysts are projecting sales of the vaccine to fall 52% in the fourth quarter to $5.44 billion, coming after three straight quarters where COVID-19 vaccine sales were lower by more than 70%.

Additionally, as Pfizer looks for new market segments to drive growth, analysts forecast that it will grow sales of its Vyndaqel line of heart medication by 38% in the quarter to more than $942 million. 

Business Spotlight

While its COVID-19 revenue fades, Pfizer also has faced some setbacks as it seeks other pipelines for growth. It ended a study of its weight-loss pill because of negative side effects, as it seeks to find an effective oral weight-loss drug to compete with injectables like Novo Nordisk AS’s (NVO) popular Ozempic treatment. It’s also fighting off a threat from generic competition to its  Vyndaqel heart medication.

Pfizer’s share price was walloped in 2023, falling as much as 42% over the year. In December 2023, the stock tumbled to its lowest level in more than 10 years after it warned revenue would decline in 2024 as demand for COVID products continued to fall. And, so far this year, Pfizer shares have continued that losing streak, down roughly 7% year-to-date.

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