COVID vaccine revenue plunged 66% to $4.4 billion, and Pfizer's third-quarter revenue fell 6%

The new crown vaccine affected the third quarter results to some extent, but Pfizer still raised the company's full-year revenue guidance
.

On November 1, local time, Pfizer (NYSE: PFE) announced its third quarter 2022 financial report, with revenue of $22.
638 billion during the period, down 6% year-on-year, higher than the expected $21.
044 billion, but if the contribution of the new crown oral drug Paxlovid and the new crown vaccine Comirnaty is excluded, operating income increased by 2% year-on-year; Net income was $8.
608 billion, up 6% year-over-year versus $7.
631 billion expected, and adjusted earnings per share were $1.
78, up 40%
from the year-ago quarter.

Source: Pfizer's third quarterly report

As for the reasons for the decline in third-quarter results, Pfizer said that one of the reasons was due to an 86%
decline in production of the mRNA new crown vaccine Comirnaty outside the United States.
This is because the European Commission revised its cooperation agreement with Pfizer, delaying the previous vaccine delivery plan, and the vaccine originally scheduled for delivery from June to August 2022 was changed to the
fourth quarter of 2022.
In addition, the revenue of its products Xeljanz and Sutent fell by 14% and 43%, respectively, which also affected
the third quarter results.
Despite the year-over-year decline in third-quarter revenue, Pfizer raised its 2022 guidance for 2022 revenue of $99.
5 billion to $102 billion, compared with previous expectations of $98 billion to $102 billion, and expected adjusted diluted earnings per share of $6.
4 to $6.
50 in 2022, compared with previous expectations of $
6.
3 to $6.
45.

In addition, Pfizer also raised its 2022 revenue guidance for the new crown vaccine Comirnaty, from $32 billion to $34 billion, and the revenue guidance for the new crown oral drug Paxlovid remains at $22 billion
.

Source: Pfizer's third quarterly report

In terms of business, Pfizer's biopharmaceutical business revenue in the third quarter was $22.
319 billion, down 5%
year-on-year.
Among them, the revenue of primary healthcare business was US$15.
846 billion, a year-on-year decrease of 5%; Skilled Nursing revenue decreased 9% year-over-year to $3,404 million; Oncology revenue was $3.
07 billion, essentially flat
year-over-year.
In addition, Pfizer's CDMO and API provider CentreOne revenue was $319 million, down 39%
year-over-year.
In recent years, the new crown vaccine and new crown oral drugs are Pfizer's most concerned products
.
From the perspective of specific product performance, in the third quarter of this year, the direct sales and related revenue of the new crown vaccine Comirnaty reached 4.
402 billion US dollars, down 66%
from the same period last year.
Sales of the new crown oral drug Paxlovid reached $7.
514 billion
.
In the first three quarters of this year, Pfizer's overall revenue from new crown vaccines was $26.
477 billion, up 9% year-on-year, and its revenue from new crown oral drugs was $17.
199 billion
.

Source: Pfizer's third quarterly report

In terms of product progress, in August this year, Pfizer and Bioentai announced the latest data from Comirnaty's Phase 2/3 trial, which aims to evaluate the safety of the third dose of Comirnaty vaccine for children aged 6 months to 5 years of
age.
In October, Pfizer/BioNTech announced early data from a Phase 2/3 clinical trial of the bivalent vaccine, which showed that the vaccine can be effective against Omicron BA.
4/BA.
5 produces a robust immune response, which is the first data
obtained in human clinical trials.
Albert, Chairman and CEO of Pfizer "Up to 19 new products or indications are expected to be available over the next 18 months, including five that
have already begun to be promoted or commercialized this year," Bourla said.
From a clinical perspective, many of the 19 products are largely risk-reduced and will almost all be used for indications
other than the new coronavirus.

David Pfizer's Chief Financial Officer and Executive Vice President Denton said: "Products such as the new crown oral drugs Paxlovid and Eliquis performed strongly in the third quarter, especially in the United States
.
We continue to move
toward our goal of adding $25 billion in revenue by 2030.
”

In the third quarter, Pfizer also completed a major acquisition
.
In August, Pfizer announced the acquisition of biopharmaceutical company Global Blood for $5.
4 billion Therapeutics
。 Previously, Pfizer also acquired headache drug pharmaceutical company Biohaven and viral pharmaceutical company ReViral for $11.
6 billion and $525 million
, respectively.
Denton said each acquisition brings a major scientific breakthrough to Pfizer and provides the company with an opportunity
to increase value.

As of the close of U.
S.
stocks on November 1, Pfizer rose 3.
11% to close at $48, with a market value of $269.
4 billion
.

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