Pfizer Q3 Earnings: Drugmaker Swings To Quarterly Loss On COVID-19 Write-Offs, Sales Fall 42%
Portfolio Pulse from Vandana Singh
Pfizer Inc reported a Q3 adjusted EPS loss of $(0.17), beating the consensus loss of $(0.32). Q3 sales slumped by 42% to $13.23 billion, driven by a decline in COVID-19 product revenue. However, revenues for Pfizer's non-COVID products grew 10% operationally. The company recorded a $5.6 billion charge for inventory write-offs due to lower-than-expected use of COVID-19 products. Pfizer reaffirms FY23 guidance of revenues of $58-$61 billion and adjusted EPS of $1.45-$1.65.
October 31, 2023 | 12:41 pm
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Pfizer reported a Q3 adjusted EPS loss, with a 42% slump in sales due to a decline in COVID-19 product revenue. However, the company reaffirmed its FY23 guidance, indicating confidence in its future performance.
Pfizer's Q3 results show a significant slump in sales and a loss in EPS, primarily due to a decline in COVID-19 product revenue. This could negatively impact the company's stock price in the short term. However, the reaffirmation of FY23 guidance suggests that the company is confident in its future performance, which could mitigate some of the negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100