• 2023 Sets Stage for Future Growth Potential: Completed Seagen Acquisition, Creating World-Class Oncology
Organization; Launched Significant Number of New Products and Indications; and Realigned Commercial
Organization to Improve Focus, Speed and Execution
? Full-Year 2023 Revenues of $58.5 Billion
– Expected Decline in Comirnaty(1) and Paxlovid Revenues Drove 41% Operational Decrease in YearOver-Year Revenues
– Excluding Contributions from Comirnaty(1) and Paxlovid, Revenues Grew 7% Operationally, Driven by a
Combination of New Product and Indication Launches and In-Line Product Growth
? Full-Year 2023 Reported(2) Diluted EPS of $0.37, Down 93% Year-Over-Year, and Adjusted(3) Diluted EPS
of $1.84, Down 72% Year-Over-Year, Significantly Impacted by One-Time Events(4)
? Fourth-Quarter 2023 Revenues of $14.2 Billion
– Expected Decline in Comirnaty(1) and Paxlovid Revenues Drove 42% Operational Decrease in FourthQuarter Revenues
– Excluding Contributions from Comirnaty(1) and Paxlovid, Revenues Grew 8% Operationally
? Fourth-Quarter 2023 Reported(2) Diluted Loss Per Share (LPS) of $(0.60) and Adjusted(3) Diluted EPS of
$0.10, Significantly Impacted by One-Time Events(4)
? On Track to Deliver at Least $4 Billion in Annual Net Cost Savings by End of 2024 from Previously
Announced Cost Realignment Program
? Reaffirms Full-Year 2024 Guidance(5) Provided on December 13, 2023, of Revenues of $58.5 to $61.5 Billion
and Adjusted(3) Diluted EPS of $2.05 to $2.25
NEW YORK, Tuesday, January 30, 2024 — Pfizer Inc. (NYSE: PFE) reported financial results for fourth quarter
and full-year 2023 and reaffirmed its 2024 financial guidance(5) provided on December 13, 2023.
The fourth-quarter 2023 earnings presentation and accompanying prepared remarks from management as well as
the quarterly update to Pfizer’s R&D pipeline can be found at www.pfizer.com.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “We are encouraged by the strong performance
of our non-COVID products in the fourth quarter of 2023, including significant contributions from new launches
and robust year-over-year growth for several key in-line brands. In 2023, Pfizer received a record number of nine
new molecular entity approvals by the U.S. Food and Drug Administration (FDA)—medicines and vaccines that
are expected to favorably impact Pfizer’s performance in the coming years.
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“In addition, we completed the acquisition of Seagen in December 2023, a critical step toward our goal to achieve
world-class Oncology leadership. With the combined strength of Pfizer’s and Seagen’s talent, portfolios and
platforms, we believe we have the potential to transform outcomes by delivering cancer medicines that help
patients live better and longer lives. We look forward to sharing the vision of the new Pfizer Oncology Division at
our announced Oncology Innovation Day on Thursday, February 29.
“We are entering 2024 with a solid foundation. We believe our commitment to execution, maximizing the
performance of our new products, and delivering the next wave of pipeline innovation will fuel Pfizer’s growth
and make a difference in the lives of patients everywhere.”
David Denton, Chief Financial Officer and Executive Vice President, stated: “We are pleased with the strong 8%
operational revenue growth of Pfizer’s non-COVID products in the fourth quarter of 2023, achieving our full-year
2023 non-COVID operational revenue growth target of 6% to 8%. In addition, we are on track to deliver at least
$4.0 billion in annual net cost savings by the end of 2024 from our cost realignment program. We are prepared to
execute our commercial strategy to drive continued growth from our newly launched and acquired products, and
to deliver on our targeted cost savings that we expect will expand our operating margins in 2024 and beyond.”
Results for fourth-quarter and full-year 2023 and 2022(6) are summarized below.
OVERALL RESULTS

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