- Full-Year 2024 Revenue Guidance(1) Range of $58.5 to $61.5
Billion Includes Expected Contribution from Seagen Acquisition
- Anticipates Approximately $8 Billion in Revenues for
Comirnaty(2) and Paxlovid
- Seagen Expected to Contribute Approximately $3.1 Billion of
Revenues
- Expects Full-Year 2024 Operational(3) Revenue Growth of 8%-10%
Including Seagen Contribution and Excluding Comirnaty(2) and
Paxlovid Revenues, and 3%-5% Excluding Both Seagen Contribution and
Comirnaty(2) and Paxlovid Revenues
- 2024 Adjusted(5) Diluted EPS Guidance Range of $2.05 to $2.25
Includes Expected Impact of Seagen Acquisition
- Enterprise-Wide Cost Realignment Program Now Expected to
Deliver Annual Net Cost Savings of at Least $4.0 Billion, an
Incremental $500 Million Versus Mid-Point of Guidance Range
Provided on August 1, 2023
- Pfizer to Hold Analyst and Investor Call at 8:30 a.m. EST on
Wednesday, December 13, 2023
Pfizer Inc. (NYSE:PFE) today provided its full-year 2024
guidance(1)(6), which includes the expected financial impact from
the Seagen transaction.
Accompanying presentation can be found at
www.pfizer.com/investors.
Full-Year 2024 Revenue, Adjusted(5) SI&A, Adjusted(5)
R&D and Adjusted(5) Diluted EPS Guidance Ranges(1)(6)
Pfizer expects full-year 2024 revenues to be in the range of $58.5
to $61.5 billion, which includes approximately $8 billion in
anticipated revenues for Comirnaty(2) and Paxlovid, approximately
$3.1 billion in anticipated revenues from Seagen and approximately
$1 billion related to the reclassification of Pfizer’s royalty
income from Other (Income)/Deductions into the Revenue line.
Including the contribution from Seagen and excluding revenues from
Comirnaty(2) and Paxlovid, Pfizer expects to achieve full-year 2024
operational(3) revenue growth of 8% to 10%. Excluding revenues from
Comirnaty(2) and Paxlovid and the expected contribution from
Seagen, Pfizer expects to achieve full-year 2024 operational(3)
revenue growth of 3% to 5%. Both expected operational(3) growth
rate ranges are compared with the mid-point of Pfizer’s full-year
2023 revenue guidance range provided on October 31, 2023, and
account for the reclassification of royalty income. While the
company will begin reporting royalty income in the revenue line in
2024, for growth rate purposes, the company has included royalty
income in both 2023 and 2024. Consequently, there is no operational
revenue growth attributable to the reclassification of royalty
income.
Including the impact of Seagen, Pfizer anticipates full-year
2024 Adjusted(5) SI&A expenses to be in the range of $13.8
billion to $14.8 billion and full-year 2024 Adjusted(5) R&D
expenses to be in the range of $11.0 to $12.0 billion.
Consequently, total 2024 Adjusted(5) SI&A and R&D expenses
are expected to be in the range of $24.8 to $26.8 billion. This
range reflects an anticipated decline of approximately $4 billion
by the end of 2024 and represents an incremental $500 million
expense reduction versus the midpoint of Pfizer’s SI&A and
R&D expense guidance provided on August 1, 2023, solely driven
by Pfizer’s cost realignment program. 2024 Adjusted(5) diluted EPS
is anticipated to be in a range of $2.05 to $2.25, which primarily
reflects expected operational(3) growth of 8%-10% in revenues,
excluding Comirnaty(2) and Paxlovid, and including the impact of
Seagen, as well as anticipated operating margin improvement from
the company’s cost realignment activities, partially offset by an
expected $0.40 dilutive impact related to the Seagen acquisition,
which is predominantly driven by costs to finance the
transaction.
A reconciliation of Pfizer’s 2023 Financial Guidance to its 2024
Financial Guidance(1)(6), including certain significant factors
impacting 2024 Financial Guidance, is presented below.
2023 Pfizer Guidance (as of
October 31, 2023)
2024 Legacy Pfizer
Guidance
Anticipated Impact of Royalty
Reclass included in 2024 Guidance
Anticipated 2024 Seagen
Impact included in 2024 Guidance
2024 Financial
Guidance
Revenues ($ in billions)
$58.0 – $61.0
$54.5 – $57.5
$1.0
$3.1
$58.5 – $61.5
Adjusted(5) SI&A Expenses ($
in billions)
$13.3 – $14.3
$13.8 – $14.8
Adjusted(5) R&D Expenses ($ in
billions)
$11.9 – $12.9
$11.0 – $12.0
Effective Tax Rate on Adjusted(5)
Income
~12%
~15%
Adjusted(5) Diluted EPS
$1.45 – $1.65
$2.45 – $2.65
-
($0.40)
$2.05 – $2.25
Financial guidance for Adjusted(5) diluted EPS is calculated
using approximately 5.75 billion weighted average shares
outstanding, and assumes no share repurchases in 2023 or 2024.
Seagen Acquisition As announced on December 12, 2023,
Pfizer and Seagen have received all required regulatory approvals
for the closing of the acquisition. Pfizer expects to complete the
acquisition of Seagen on December 14, 2023, subject to the
satisfaction of other customary closing conditions.
Executive Commentary Dr. Albert Bourla, Pfizer Chairman
and Chief Executive Officer, stated: “Pfizer’s product portfolio
remains strong. In 2024, Comirnaty and Paxlovid are expected to
deliver combined revenues of approximately $8 billion and our
remaining portfolio of combined Pfizer and Seagen products is
expected to achieve year-over-year operational revenue growth in
the range of 8% to 10%.
“In addition, we expect our cost realignment program to deliver
savings of at least $4.0 billion by the end of 2024, which puts us
on a path to potentially regain our pre-pandemic operating
margins.
“We look forward to joining forces with Seagen and using our
combined strengths to bring us ever closer to delivering long
promised cures for certain cancers.”
Pfizer intends to provide additional commentary in an analyst
webcast scheduled for 8:30 a.m. EST, Wednesday, December 13, 2023,
details can be found at www.pfizer.com/investors.
# # #
- Pfizer does not provide guidance for GAAP Reported financial
measures (other than revenues and in 2023 acquired in-process
R&D [IPR&D] expenses) or a reconciliation of
forward-looking non-GAAP financial measures to the most directly
comparable GAAP Reported financial measures on a forward-looking
basis because it is unable to predict with reasonable certainty the
ultimate outcome of unusual gains and losses, certain
acquisition-related expenses, gains and losses from equity
securities, actuarial gains and losses from pension and
postretirement plan remeasurements, potential future asset
impairments and pending litigation without unreasonable effort.
These items are uncertain, depend on various factors, and could
have a material impact on GAAP Reported results for the guidance
period.
- As used in this document, “Comirnaty” refers to, as applicable,
and as authorized or approved, the Pfizer-BioNTech COVID-19
Vaccine, the Pfizer-BioNTech COVID-19 Vaccine, Bivalent (Original
and Omicron BA.4/BA.5), Comirnaty (COVID-19 Vaccine, mRNA,
2023-2024 Formula), the Pfizer-BioNTech COVID-19 Vaccine (2023-2024
Formula), Comirnaty Original/Omicron BA.1, Comirnaty
Original/Omicron BA.4/BA.5 and Comirnaty XBB.1.5. “Comirnaty”
includes direct sales and alliance revenues related to sales of the
above-mentioned vaccines, which are recorded within Pfizer’s
Primary Care customer group. It does not include revenues for
certain Comirnaty-related manufacturing activities performed on
behalf of BioNTech, which are included in the Pfizer CentreOne
contract development and manufacturing organization.
- References to operational variances in this press release
pertain to period-over-period changes that exclude the impact of
foreign exchange rates. Although exchange rate changes are part of
Pfizer’s business, they are not within Pfizer’s control, and
because they can mask positive or negative trends in the business,
Pfizer believes presenting operational variances excluding these
foreign exchange changes provides useful information to evaluate
Pfizer’s results.
- Revenues is defined as revenues in accordance with U.S.
generally accepted accounting principles (GAAP). Reported net
income and its components are defined as net income attributable to
Pfizer Inc. common shareholders and its components in accordance
with U.S. GAAP. Reported diluted earnings per share (EPS) is
defined as diluted EPS attributable to Pfizer Inc. common
shareholders in accordance with U.S. GAAP.
- Adjusted income and Adjusted diluted EPS are defined as U.S.
GAAP net income attributable to Pfizer Inc. common shareholders and
Reported diluted EPS attributable to Pfizer Inc. common
shareholders before the impact of amortization of intangible
assets, certain acquisition-related items, discontinued operations,
and certain significant items. Adjusted income and its components
and Adjusted diluted EPS measures are not, and should not be viewed
as, substitutes for U.S. GAAP net income and its components and
diluted EPS(4), have no standardized meaning prescribed by U.S.
GAAP and may not be comparable to the calculation of similar
measures of other companies. See the Non-GAAP Financial Measure:
Adjusted Income section of Management’s Discussion and Analysis of
Financial Condition and Results of Operations in Pfizer’s 2022
Annual Report on Form 10-K for a definition of each component of
Adjusted income as well as other relevant information.
- Financial guidance for full-year 2024 reflects the
following:
- Exchange rates assumed are actual rates at mid-November
2023
- Guidance for Adjusted(5) diluted EPS assumes diluted
weighted-average shares outstanding of approximately 5.75 billion
shares, and assumes no share repurchases in 2024.
DISCLOSURE NOTICE: The information contained in this
press release is as of December 13, 2023. Pfizer assumes no
obligation to update forward-looking statements contained in this
release or the webcast as the result of new information or future
events or developments. Pfizer’s financial guidance is based on
estimates and assumptions that are subject to significant
uncertainties.
This press release and the webcast contain or may contain
forward-looking information about, among other topics, Pfizer’s and
Seagen’s anticipated operating and financial performance and
expectations for Pfizer’s and Seagen’s product pipeline, in-line
products and product candidates (including revenue contribution and
related projections and guidance), financial and other impact of
Pfizer’s proposed acquisition of Seagen, Pfizer’s efforts to combat
COVID-19, Paxlovid, Pfizer’s and BioNTech’s COVID-19 vaccines,
defined collectively herein as Comirnaty (including their potential
benefits), changes to Pfizer’s commercial organization,
reorganizations, business plans, strategy and prospects, and an
enterprise-wide cost realignment program (including anticipated
costs, savings and potential benefits) that involves substantial
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements.
Risks and uncertainties include, among other things, uncertainties
regarding the commercial success of Pfizer’s and Seagen’s products
or product candidates, including Paxlovid and Comirnaty; the
uncertainties inherent in research and development, including the
ability to meet anticipated clinical endpoints, commencement and/or
completion dates for our clinical trials, regulatory submission
dates, regulatory approval dates and/or launch dates, as well as
risks associated with pre-clinical and clinical data (including
Phase 1/2/3 or Phase 4 data for any of Pfizer’s and Seagen’s
products or product candidates) in any of our studies in
pediatrics, adolescents, or adults or real world evidence,
including the possibility of unfavorable new pre-clinical, clinical
or safety data and further analyses of existing pre-clinical,
clinical or safety data or further information regarding the
quality of pre-clinical, clinical or safety data; risks associated
with interim data; the risk that clinical trial data are subject to
differing interpretations and assessments by regulatory
authorities; the ability to produce comparable clinical or other
results for any of Pfizer’s and Seagen’s products or product
candidates, including the rate of effectiveness and/or efficacy,
safety and tolerability profile observed to date, in additional
analyses of the Phase 3 trial for any such products and additional
studies, in real world data studies or in larger, more diverse
populations following commercialization; the ability of Comirnaty,
any vaccine candidate or any future vaccine to prevent, or Paxlovid
or any future COVID-19 treatment to be effective against, COVID-19
caused by emerging virus variants; the risk that use of Comirnaty
or Paxlovid will lead to new information about efficacy, safety or
other developments, including the risk of additional adverse
reactions, some of which may be serious; the risk that pre-clinical
and clinical trial data are subject to differing interpretations
and assessments, including during the peer review/publication
process, in the scientific community generally, and by regulatory
authorities; whether and when additional data from the BNT162 mRNA
vaccine program, Paxlovid or other COVID-19 programs will be
published in scientific journal publications and, if so, when and
with what modifications and interpretations; whether regulatory
authorities will be satisfied with the design of and results from
existing or future pre-clinical and clinical studies; whether and
when any drug applications or submissions to request emergency use
or conditional marketing authorization for any potential
indications for any of Pfizer’s or Seagen’s products or product
candidates may be filed in particular jurisdictions and if
obtained, whether or when such emergency use authorization or
licenses will expire or terminate; whether and when submissions to
request emergency use or conditional marketing authorizations for
any vaccine or any vaccine candidate or any potential future
vaccines (including potential future annual boosters or
re-vaccinations), and/or biologics license and/or emergency use
authorization applications or amendments to any such applications
may be filed in particular jurisdictions for any vaccine, any
vaccine candidate or any potential future vaccines, and if
obtained, whether or when such emergency use authorizations or
licenses, or existing emergency use authorizations, will expire or
terminate; whether and when any applications that may be pending or
filed for any of Pfizer’s or Seagen’s products or product
candidates (including any requested amendments to the emergency use
or conditional marketing authorizations) may be approved by
particular regulatory authorities, which will depend on myriad
factors, including making a determination as to whether the
product's benefits outweigh its known risks and determination of
the product's efficacy and, if approved, whether any of Pfizer’s or
Seagen’s products or product candidates for any such indications
will be commercially successful; intellectual property and other
litigation; decisions by regulatory authorities impacting labeling,
manufacturing processes, safety and/or other matters that could
affect the availability or commercial potential of any of Pfizer’s
or Seagen’s products or product candidates, including the
authorization or approval of products or therapies developed by
other companies; disruptions in the relationships between us and
our collaboration partners, clinical trial sites or third-party
suppliers, including Pfizer’s relationship with BioNTech; the risk
that demand for any of Pfizer’s or Seagen’s products may be
reduced, no longer exist or not meet expectations, which may lead
to reduced revenues, excess inventory on-hand and/or in the channel
which, for Paxlovid and Comirnaty, has resulted in a significant
inventory write-off in the third quarter of 2023 and could continue
to result in inventory write-offs or other unanticipated charges;
challenges related to and uncertainties regarding the transition to
the commercial market for any of our products, and in particular,
Paxlovid; uncertainties related to the public’s adherence to
vaccines and boosters; risks related to our ability to achieve our
revenue forecasts for any of Pfizer’s or Seagen’s products or
product candidates; the risk that other companies may produce
superior or competitive products; risks related to the availability
of raw materials to manufacture or test any of Pfizer’s or Seagen’s
products or product candidates; challenges related to Pfizer’s
vaccine’s formulation, dosing schedule and attendant storage,
distribution and administration requirements, including risks
related to storage and handling after delivery by Pfizer; the risk
that we may not be able to successfully develop other vaccine
formulations, booster treatment courses or potential future annual
boosters or re-vaccinations or new variant-based or next generation
vaccines or potential combination respiratory vaccines or next
generation COVID-19 treatments; the risk that we may not be able to
recoup costs associated with our R&D and manufacturing efforts;
risks associated with any changes in the way we approach or provide
research funding for any of our programs; challenges and risks
associated with the pace of our development programs; the risk that
we may not be able to maintain manufacturing capacity or access to
logistics or supply channels commensurate with global demand, which
would negatively impact our ability to supply our COVID-19 or other
products; whether and when additional supply or purchase agreements
will be reached or existing agreements will be completed or
renegotiated; uncertainties regarding the ability to obtain
recommendations from vaccine or treatment advisory or technical
committees and other public health authorities and uncertainties
regarding the commercial impact of any such recommendations;
pricing and access challenges; challenges related to public
confidence in, or awareness of any of Pfizer’s or Seagen’s products
or product candidates; uncertainties around future changes to
applicable healthcare policies and guidelines issued by the U.S.
federal government in connection with the declared termination of
the federal government’s COVID-19 public health emergency as of May
11, 2023; trade restrictions; potential third party royalties or
other claims; other business effects and uncertainties and the
uncertainties inherent in business and financial planning,
including the effects of industry, market, business, economic,
political or regulatory conditions, risks related to Pfizer’s
business and prospects, adverse developments in Pfizer’s markets,
or adverse developments in the U.S. or global capital markets,
credit markets, regulatory environment or economies generally;
changes in tax and other laws, regulations, rates and policies;
future business combinations or disposals; uncertainties regarding
the impact of COVID-19 on our business, operations and financial
results; competitive developments; risks related to the
satisfaction or waiver of the conditions to closing the proposed
acquisition of Seagen in the anticipated timeframe or at all,
including the possibility that the proposed acquisition does not
close; risks related to the ability to realize the anticipated
benefits of the proposed acquisition, including the possibility
that the expected benefits from the acquisition will not be
realized or will not be realized within the expected time period;
the risk that the businesses will not be integrated successfully;
disruption from the transaction making it more difficult to
maintain business and operational relationships; negative effects
of the consummation of the proposed acquisition on the market price
of Pfizer’s common stock and/or operating results; significant
transaction costs; unknown liabilities; the risk of litigation
and/or regulatory actions related to the proposed acquisition or
Seagen’s business; risks related to the financing of the
transaction; uncertainties regarding the impact, success and
associated costs of our enterprise-wide cost realignment program;
and the impact of and risks and uncertainties related to
restructurings and internal reorganizations, as well as any other
corporate strategic initiatives and growth strategies, and
cost-reduction and productivity initiatives, each of which requires
upfront costs but may fail to yield anticipated benefits and may
result in unexpected costs, organizational disruption or other
unintended consequences.
A further description of these and other risks and uncertainties
can be found in Pfizer’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022, and in its subsequent reports on Form
10-Q, including in the sections thereof captioned “Risk Factors”
and “Forward-Looking Information and Factors That May Affect Future
Results”, as well as in its subsequent reports on Form 8-K, all of
which are filed with the U.S. Securities and Exchange Commission
and available at www.sec.gov and www.pfizer.com. See also the
Overview of Our Performance, Operating Environment, Strategy and
Outlook — Our 2022 Performance and — The Global Economic
Environment sections of Management’s Discussion and Analysis of
Financial Condition and Results of Operations (MD&A) in
Pfizer’s 2022 Annual Report on Form 10-K; and the Overview of Our
Performance, Operating Environment, Strategy and Outlook — Our
Third Quarter 2023 and First Nine Months of 2023 Performance and —
The Global Economic Environment sections of MD&A in Pfizer’s
Quarterly Report on Form 10-Q for the quarterly period ended
October 1, 2023 (available at www.pfizer.com).
Category: Financial
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