Pharmaceutical giant Pfizer’s annual earnings reached $100 billion in 2022, driven primarily by its covid vaccine and antiviral treatment, Paxlovid.
Pfizer announced its annual earnings Tuesday alongside its fourth quarter results and financial outlook moving forward. The company’s $100.3 billion earnings were an all-time high and a 23% increase from 2021. Its annual profits were $31 billion, a 43% increase year over year.
Pfizer’s annual earnings growth reflected 30% operational growth and 7% negative impact from unfavorable foreign exchange, the company said. Excluding its covid treatments, revenues grew 2% annually and 5% in the fourth quarter. (RELATED: Pfizer Reports More Than $22 Billion In Revenue For Quarter Three, Driven By Government COVID Purchases)
2022 was an outstanding year for Pfizer, and our future is bright as we are in the midst of an 18-mo period in which we could have up to an unprecedented 19 potential new products or indications in the market. Proud to share our Q4 financial results: https://t.co/tH2aMZcJzK $PFE pic.twitter.com/cc6jdZYWeI
— Albert Bourla (@AlbertBourla) January 31, 2023
“2022 was a record-breaking year for Pfizer, not only in terms of revenue and earnings per share, which were the highest in our long history, but more importantly, in terms of the percentage of patients who have a positive perception of Pfizer and the work we do,” Pfizer CEO Dr. Albert Bourla said in a press release.
Pfizer reported about $57 billion revenue from its covid vaccine and Paxlovid in 2022. The firm expects demand for both products to decrease significantly in 2023 because of high levels of existing government supply and the commercialization of its covid vaccine.
Covid vaccine revenue is expected to drop 64%, from $37.8 billion to $13.5 billion. Paxlovid revenue is expected to drop 58% from $18.9 billion to $8 billion because of waning demand.
Pfizer projects its 2023 revenue to fall between $67 and $71 billion, with its non-covid products growing from 7% – 9% over the next year. Pfizer reported annual earnings of just under $81.3 billion in 2021.