- Second-Quarter 2021 Revenues of $19.0 Billion, Reflecting 86% Operational Growth; Excluding
BNT162b2(1) , Revenues Grew 10% Operationally to $11.1 Billion
- The 10% Operational Growth Excluding BNT162b2(1) in Second-Quarter 2021 Builds on the 6% Operational
Growth Delivered by the Comparable Business in Second-Quarter 2020
- Second-Quarter 2021 Reported Diluted EPS(2) of $0.98, Adjusted Diluted EPS(3) of $1.07
- Raises Full-Year 2021 Guidance(4) for Revenues to a Range of $78.0 to $80.0 Billion and Adjusted Diluted
EPS(3) to a Range of $3.95 to $4.05, Reflecting Updates to the Outlook for Pfizer’s Business, Both Including
and Excluding BNT162b2(1)
– Now Anticipates 2021 Revenues of Approximately $33.5 Billion for BNT162b2(1), Reflecting 2.1 Billion
Doses Expected to be Delivered in 2021 Under Signed Contracts as of Mid-July 2021
– Raises Guidance Ranges Excluding BNT162b2(1) for Revenue by $400 Million and Adjusted Diluted
EPS(3) by $0.05
- 100% Efficacy Observed in Phase 2b Trial of RSV Adult Vaccine Candidate; Provides New Data Updates on
its COVID-19 Vaccine Booster and Oral COVID-19 Antiviral Programs As Part of a Broader Review of 8
Potentially First-in-Class Compounds
NEW YORK, NY, Wednesday, July 28, 2021 – Pfizer Inc. (NYSE: PFE) reported financial results for secondquarter 2021 and raised 2021 guidance(4) for revenues and Adjusted diluted EPS(3) driven by its updated
expectations for contributions to 2021 performance from both BNT162b2, the Pfizer-BioNTech SE (BioNTech)
COVID-19 vaccine, as well as its business excluding BNT162b2(1)
Additionally, Pfizer published this morning on its website the second-quarter 2021 earnings presentation and
accompanying prepared remarks from management as well as the quarterly update to its R&D pipeline.
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “The second quarter was remarkable in a
number of ways. Most visibly, the speed and efficiency of our efforts with BioNTech to help vaccinate the world
against COVID-19 have been unprecedented, with now more than a billion doses of BNT162b2 having been
delivered globally. In addition, we are equally proud of the second-quarter performance of our business excluding
BNT162b2(1), which posted 10% operational revenue growth. Looking forward, we remain highly confident in our
ability to achieve at least a 6% compound annual growth rate through 2025 and intend to build upon our recent
successes by continuing to follow the science, trust in our people and remain focused on delivering breakthroughs for the patients we serve.”
Frank D’Amelio, Chief Financial Officer and Executive Vice President, Global Supply, stated: “Pfizer’s second quarter performance highlighted once again the underlying strength of our business, with consistent and solid
growth coming from multiple products and categories. It is important to point out that the 10% year-over-year
operational revenue growth rate for our business excluding BNT162b2(1) comes on top of a strong 6% operational growth rate delivered by the comparable business in the second quarter of last year. As a result of updates to our
expectations for our business, both including and excluding BNT162b2(1)
, we are increasing our 2021 financial guidance ranges for revenues and Adjusted diluted EPS(3) for the second quarter in a row.”
Results for the second quarter and the first six months of 2021 and 2020(5) are summarized below.
($ in millions, except per share amounts) Second-Quarter Six Months
2021 2020 Change 2021 2020 Change
Revenues $ 18,977 $ 9,864 92% $ 33,559 $ 19,947 68%
Reported Net Income(2) 5,563 3,489 59% 10,440 6,843 53%
Reported Diluted EPS(2) 0.98 0.62 58% 1.84 1.22 51%
Adjusted Income(3) 6,084 3,473 75% 11,346 7,019 62%
Adjusted Diluted EPS(3) 1.07 0.62 73% 2.00 1.25 60%
($ in millions) Second-Quarter Six Months 2021 2020 % Change 2021 2020 % Change
Total Oper. Total Oper.
Vaccines $ 9,234 $ 1,247 * * $ 14,127 $ 2,857 * *
Oncology 3,145 2,647 19% 16% 6,007 5,082 18% 16%
Internal Medicine 2,403 2,279 5% 2% 4,997 4,610 8% 6%
Hospital 2,259 1,863 21% 17% 4,602 3,951 16% 13%
Inflammation & Immunology 1,041 1,149 (9%) (12%) 2,107 2,127 (1%) (3%)
Rare Disease 895 681 32% 28% 1,720 1,319 30% 27%
Total Revenue $ 18,977 $ 9,864 92% 86% $ 33,559 $ 19,947 68% 64%
* Indicates calculation not meaningful.
Following the completion of the spin-off of the Upjohn Business(6) in the fourth quarter of 2020, Pfizer operates as
a focused innovative biopharmaceutical company engaged in the discovery, development, manufacturing, marketing, sale and distribution of biopharmaceutical products worldwide.
Revenues and expenses associated with the Upjohn Business(6) for the first and second quarters of 2020 have been recategorized as discontinued operations and excluded from Adjusted(3) results. Pfizer’s Meridian subsidiary, the
manufacturer of EpiPen and other auto-injector products, which had been reported within the results of the
Upjohn Business(6) in the first three quarters of 2020,
is now included within the Hospital therapeutic area for all periods presented.
Business development activities completed in 2020 and 2021 impacted financial results in the periods presented(6).
Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the
impact of foreign exchange rates(7).
2021 FINANCIAL GUIDANCE(4)
Financial guidance reflects management’s current expectations for operational performance, foreign exchange rates and management’s current projections as to the severity, duration and global macroeconomic impact of the
Key guidance assumptions included in these projections broadly reflect a continued recovery in global macroeconomic and healthcare activity throughout 2021 as more of the population becomes vaccinated against COVID-19.
Pfizer is raising its financial guidance ranges primarily to reflect higher expected revenues and related expenses for BNT162b2(1) and anticipated incremental spending on other COVID-19-related and mRNA-based programs,
as well as increased expected contributions from its business excluding BNT162b2(1). The increase to guidance for the effective tax rate on Adjusted income(3) resulted from updates to the anticipated jurisdictional mix of
earnings, primarily related to BNT162b2(1). Current 2021 financial guidance is presented below.
$78.0 to $80.0 billion
(previously $70.5 to $72.5 billion)
Adjusted Cost of Sales(3) as a Percentage of Revenues 39.0% to 40.0%
(previously 38.0% to 39.0%)
Adjusted SI&A Expenses(3) $11.5 to $12.5 billion
(previously $11.0 to $12.0 billion)
Adjusted R&D Expenses(3) $10.0 to $10.5 billion
(previously $9.8 to $10.3 billion)
Adjusted Other (Income)/Deductions(3) Approximately $2.2 billion of income
Effective Tax Rate on Adjusted Income(3) Approximately 16.0%
(previously approximately 15.0%)
Adjusted Diluted EPS(3) $3.95 to $4.05
(previously $3.55 to $3.65)
The midpoint of the guidance range for revenues represents 89% growth from 2020 revenues, including an
expected $1.5 billion, or 4%, favorable impact from changes in foreign exchange rates compared to 2020. The midpoint of the updated guidance range for Adjusted diluted EPS(3) reflects a 77% increase over 2020 actual results(8), including an expected $0.10, or 4%, benefit due to favorable changes in foreign exchange rates compared to 2020.
Financial guidance for Adjusted diluted EPS(3) is calculated using approximately 5.7 billion weighted average shares outstanding, and does not currently assume any share repurchases in 2021.
Update to Assumptions Related to BNT162b2(1) Within Guidance
Due to additional supply agreements that have been signed from mid-April to mid-July, Pfizer is updating the revenue assumptions related to BNT162b2(1) incorporated within the above guidance ranges. The updated
assumptions are summarized below.
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