US pharmaceutical giant Pfizer Inc., (NYSE: PFE) has released its financial results for the second quarter of 2023, reporting revenues of USD 12.7 billion over the three months, marking a year-on-year (YOY) decrease of 53%. The decline is attributed to the loss of sales from Paxlovid (nirmatrelvir, ritonavir) and Comirnaty (COVID-19 vaccine), which together generated only USD 1.6 billion, down from over USD 16 billion in the same period a year ago. Excluding the impact of these products, the underlying portfolio showed a 5% YOY operational growth.
CEO Albert Bourla Highlights Post-COVID Goals and Milestones
CEO Dr. Albert Bourla emphasized the company’s progress towards its post-COVID goal of launching 19 new products or indications within an 18-month period, with 11 of those launches achieved to date. Key milestones for 2023 include the launch of the pneumococcal disease vaccine Prevnar 20 in pediatric patients, the migraine nasal spray Zavzpret (zavegepant) in the US, and approvals for the growth hormone Ngenla (somatrogon) and the respiratory syncytial virus (RSV) vaccine Abrysvo. Recently filed for approval is the hemophilia B gene therapy fidanacogene elaparvovec, with approvals expected in H2’23 for the BCMA/CD3 bispecific antibody Elrexfio (elranatamab) for multiple myeloma.
Current Portfolio Focus and Upcoming Acquisitions
Despite the sales drop, Paxlovid and Comirnaty remain among Pfizer’s top-7 revenue generators in Q2’23, indicating an urgent need to update its portfolio. The top-seller is the anticoagulant Eliquis (apixaban), with USD 1.76 billion in sales, up 2% YOY. The Prevnar range of Pneumococcal conjugate vaccines generated USD 1.38 billion, up 2% YOY, while the CDK4/6 inhibitor for breast cancer Ibrance (palbociclib) was the only other drug to generate over USD 1 billion in quarterly sales, at USD 1.25 billion, a 4% YOY decrease.
Contribution from Acquisitions and Future Revenue Forecasts
Pfizer is focusing on applying the profits from COVID-19 sales to reinvigorate the company’s portfolio. The company has already invested in the acquisition of Arena Pharmaceuticals (USD 6.7 billion), ReViral Ltd (USD 525 million), Biohaven Pharmaceuticals (USD 11.6 billion), and Global Blood Therapeutics (USD 5.4 billion). To facilitate the giant USD 43 billion purchase of Seagen announced in May 2023, a USD 31 billion debt offering was completed during Q2’23. Pfizer forecasts that if the Seagen deal closes, the firm will contribute USD 10 billion to revenues by 2030, alongside a further USD 10.5 billion from earlier acquisitions.-Fineline Info & Tech
