Pfizer Inc. (PFE) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 1, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, everyone, and welcome to Pfizer’s Second Quarter 2023 Earnings Conference Call. Today’s call is being recorded.

At this time, I would like to turn the call over to Mr. Chris Stevo, Senior Vice President and Chief Investor Relations Officer. Please go ahead, sir.

Chris Stevo

Thank you, Chelsea. Good morning. Welcome to Pfizer’s second quarter earnings call. I’m joined today by Dr. Albert Bourla, our Chairman and CEO; Dave Denton, our CFO; Dr. Mikael Dolsten, Chief Scientific Officer and President of Pfizer Research & Development. Joining for the Q&A session, we also have Angela Hwang, Chief Commercial Officer and President, Global Biopharmaceuticals Business; Aamir Malik, our Chief Business Innovation Officer; Dr. Chris Boshoff, our Chief Oncology Research & Development Officer; and Doug Lankler, our General Counsel.

Before we begin the call, I wanted to remind you of some logistical items. Materials for this call and other earnings related materials are on the Investor Relations section of pfizer.com. And of course, my favorite, our forward-looking statements, please see our forward-looking statements disclaimer on slide 3 and additional information regarding these statements and our non-GAAP financial measures is available on earnings release and our SEC forms 10-K and 10-Q under Risk Factors and Forward-Looking Information and factors that may affect future results. Forward-looking statements on the call are subject to substantial risks and uncertainties, speak only as of the call’s original date, and we undertake no obligation to update or revise any of these statements.

With that, I will turn the call over to Albert.

Dr. Albert Bourla

Thank you, Chris. Hello, everyone, and thank you for joining us today.

Our second quarter financial results were solid and in line with our expectations. Non-COVID-19 revenues grew 5% operationally compared with the year-ago quarter. Total revenues declined 53% operationally, primarily due to the anticipated revenue declines in both Paxlovid and Comirnaty. Even with these declines, our COVID-19 portfolio remained a significant contributor to the business with more than $1.6 billion in combined revenues during this quarter. Of course, our patient impact data are equally important because patients are the reason we exist. Through the first six months of the year, more than 356 million patients around the world were treated with our medicines and vaccines.

We continue to make progress towards our goal of executing an unprecedented number of launches of new products or indications. In fact, Pfizer is more than halfway of its goal of launching 19 new products or indications in an 18-month span.