Pfizer has expressed confidence that its COVID-related revenue volatility is largely behind it, following strong sales of its key products in the fourth quarter. The company’s total revenue of $17.8 billion exceeded consensus estimates, driven by a $4.1 billion haul from its COVID vaccine Cominaty and antiviral Paxlovid.
However, vaccines Prevnar and Abrysvo underperformed expectations. The RSV vaccine Abrysvo saw sales plummet 62% year-over-year to $198 million due to new vaccination recommendations from the CDC that narrowed the market opportunity.
Despite this, Pfizer has a solid footing in other areas, including the hot antibody-drug conjugate (ADC) market, thanks to its recent $43 billion Seagen acquisition. Analysts expect the company to return to predictable growth as it continues to execute commercial efforts and reduce costs.
Looking ahead, Pfizer expects four regulatory decisions, nine phase 3 readouts, and 13 potential pivotal program starts from its pipeline in 2024. The company forecasts revenue growth of 12% across non-COVID products in 2024, with a range of $61 billion to $64 billion expected for 2025.
With the “stage set” for profit margin expansion, Pfizer is optimistic about its future prospects, driven by steady and consistent Paxlovid utilization and largely aligned U.S. COVID vaccine administration figures.
Source: https://www.fiercepharma.com/pharma/pfizer-harnesses-covid-waves-cinch-q4-gains-while-rsv-vaccine-sales-stumble