Pharmaceutical company Pfizer dropped its 2023 revenue guidance on declining Covid vaccine sales after posting a 47 per cent rise in last year's fourth-quarter net profit.
The New York-based company’s net profit jumped to nearly $5 billion in the three months to the end of December. Its October-December revenue rose roughly 2 per cent yearly to $24.29 billion, it said in a statement on Tuesday.
The drug maker’s net income for the past full financial year increased 43 per cent to more than $31.3 billion. Sales in 2022 jumped 23 per cent to more than $100.3 billion, an all-time high, driven by higher sales of Covid-19 vaccines, Pfizer said.
The company expects its full year sales to drop to between $67 billion and $71 billion, as the pandemic eases and sales for its Covid vaccines drop.
Pfizer's adjusted earnings per share rose 45 per cent yearly to $1.14 per share in the last quarter.
Sales of Pfizer’s Covid vaccine dropped almost 9 per cent on an annual basis to $11.3 billion in the fourth quarter.
Meanwhile, Paxlovid contributed $1.8 billion in global revenue in the last quarter. Paxlovid is a treatment for Covid-19 patients, but it does not prevent infection. It was found to reduce the risk of hospital admission or death from the virus by 90 per cent in a clinical trial of adults.
After the announcement, Pfizer's shares were trading about 0.15 per cent down at $43.47 each.
Albert Bourla, chairman and chief executive of Pfizer, said: “Our focus is always on what is next. As we turn to 2023, we expect to once again set records, with potentially the largest number of new product and indication launches that we have ever had in such a short period of time.
“We believe that the combination of these expected near-term launches, additional pipeline products that could potentially come to market in the medium-term, and anticipated contributions from business development, has the potential to set the company up for continued robust growth through the rest of this decade and beyond."
Mr Bourla said this should be a "transition year", representing a low point in the company’s Covid-related revenue.
However, he expects an increase in Covid-19 vaccination rates from 2025, assuming the successful development and approval of a Covid/flu combination product.
“A successful introduction of a Covid/flu combo could over time bring the percentage of Americans receiving the Covid-19 vaccine closer to the portion of people getting flu shots … outside the US, we expect these general trends to be similar,” he said.
The company expects $13.5 billion in Covid vaccine sales in 2023, a year-on-year decline of 64 per cent. It predicts a 58 per cent drop in revenue for Paxlovid to $8 billion.
Pfizer’s primary care unit — consisting of the former internal medicine and vaccines product portfolios, as well as Covid-19 products — accounted for almost 71 per cent of overall revenue. Its sales jumped 7 per cent on an annual basis to more than $17.3 billion in the fourth quarter.
The specialty care arm — consisting of the former inflammation and immunology departments, rare disease and hospital product portfolios — dropped 11 per cent to nearly $3.5 billion.
Meanwhile, oncology division revenue dropped 7 per cent to more than $3bn during the quarter.
The company spent more than $3.6 billion on research and development, about 14.8 per cent of its total sales in the quarter. This is nearly 5 per cent more than was spent on R&D in the same period in 2021.
“Looking forward to 2023, we expect strong top-line growth of 7 per cent to 9 per cent excluding our Covid-19 products and anticipated foreign exchange impacts,” said David Denton, chief financial officer and executive vice president of the company.
“We are also increasing our investments behind our launch products and pipeline in order to help realise our growth goals for 2023 and beyond."
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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Mohammed bin Zayed Majlis
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
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if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
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The five pillars of Islam
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
