PFIZER INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Total Revenues––Selected Product Discussion
Biopharma
| Revenue | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (MILLIONS) · Year Ended Dec. 31, · % Change | ||||||||||||
| Product · GlobalRevenues · Region · 2023 · 2022 · Total · Oper. · Operational Results Commentary | ||||||||||||
| Comirnaty(a) | $11,220Down 70% (operationally) | U.S. | $2,404 | $8,775 | (73) | Declines largely driven by lower contracted deliveries and demand in international markets and lower U.S. government contracted deliveries, due to transition to new variant vaccines in most markets and the transition to traditional U.S. commercial market sales which began in September 2023. | ||||||
| Int’l. | 8,816 | 29,032 | (70) | (69) | ||||||||
| Worldwide | $11,220 | $37,806 | (70) | (70) | ||||||||
| Eliquis | $6,747Up 5%(operationally) | U.S. | $4,228 | $3,822 | 11 | Growth driven primarily by continued oral anti-coagulant adoption and market share gains in the non-valvular atrial fibrillation indication in the U.S. and certain markets in Europe, partially offset by declines due to LOE and generic competition in certain international markets. | ||||||
| Int’l. | 2,519 | 2,658 | (5) | (3) | ||||||||
| Worldwide | $6,747 | $6,480 | 4 | 5 | ||||||||
| Prevnar family | $6,440Up 3% (operationally) | U.S. | $4,204 | $4,032 | 4 | Growth primarily driven by the adult indications in the U.S. due to strong patient demand for Prevnar 20 for the eligible adult population, partially offset by the Prevnar pediatric indication in the U.S. driven by lower market share due to competitor entry. | ||||||
| Int’l. | 2,236 | 2,305 | (3) | — | ||||||||
| Worldwide | $6,440 | $6,337 | 2 | 3 | ||||||||
| Ibrance | $4,753Down 6% (operationally) | U.S. | $3,151 | $3,370 | (6) | Declines primarily driven by lower demand globally due to competitive pressure, lower clinical trial purchases internationally, and planned price decreases in certain international developed markets. | ||||||
| Int’l. | 1,602 | 1,751 | (8) | (6) | ||||||||
| Worldwide | $4,753 | $5,120 | (7) | (6) | ||||||||
| Vyndaqel family | $3,321Up 36%(operationally) | U.S. | $1,863 | $1,245 | 50 | Growth largely driven by continued strong uptake of the ATTR-CM indication, primarily in the U.S. and developed Europe, partially offset by a planned price decrease that went into effect in Japan in the second quarter of 2022. | ||||||
| Int’l. | 1,458 | 1,202 | 21 | 22 | ||||||||
| Worldwide | $3,321 | $2,447 | 36 | 36 | ||||||||
| Xeljanz | $1,703Down 4% (operationally) | U.S. | $1,154 | $1,129 | 2 | Decline driven primarily by decreased prescription volumes globally resulting from ongoing shifts in prescribing patterns related to label changes, partially offset by higher net price in the U.S. due to favorable changes in channel mix. | ||||||
| Int’l. | 549 | 668 | (18) | (15) | ||||||||
| Worldwide | $1,703 | $1,796 | (5) | (4) | ||||||||
| Paxlovid | $1,279Down 92%(operationally) | U.S. | $(1,289) | $10,514 | * | Declines primarily driven by:•a non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, of which a portion was associated with sales recorded in 2022, related to the expected return of an estimated 6.5 million treatment courses of EUA-labeled U.S. government inventory (see Note 17C); and•lower contractual deliveries in most international markets,partially offset by:•strong demand in China under the temporary National Reimbursement Drug List (which ended on April 1, 2023) due to surge in COVID-19 infection during the first quarter of 2023; and•fourth quarter sales under traditional commercial markets following transition, primarily in the U.S. | ||||||
| Int’l. | 2,568 | 8,419 | (69) | (68) | ||||||||
| Worldwide | $1,279 | $18,933 | (93) | (92) | ||||||||
| Xtandi | $1,191Down 1% (operationally) | U.S. | $1,191 | $1,198 | (1) | Decline driven by lower net price mainly due to unfavorable changes in channel mix, partially offset by higher demand. | ||||||
| Int’l. | — | — | — | — | ||||||||
| Worldwide | $1,191 | $1,198 | (1) | (1) | ||||||||
| Inlyta | $1,036Up 5% (operationally) | U.S. | $642 | $618 | 4 | Growth primarily reflects continued growth in emerging markets and the U.S. driven by the adoption of combinations of certain immune checkpoint inhibitors and Inlyta for the first-line treatment of patients with advanced RCC, partially offset by lower volumes and lower net price in certain European markets. | ||||||
| Int’l. | 394 | 385 | 3 | 7 | ||||||||
| Worldwide | $1,036 | $1,003 | 3 | 5 | ||||||||
| Nurtec ODT/Vydura | $928* | U.S. | $908 | $211 | * | Growth primarily driven by timing of the acquisition of Biohaven (fourth quarter of 2022) as well as strong patient demand in the U.S. See Note 2A. | ||||||
| Int’l. | 20 | 2 | * | * | ||||||||
| Worldwide | $928 | $213 | * | * | ||||||||
Business Innovation
| Revenue | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (MILLIONS) · Year Ended Dec. 31, · % Change | ||||||||||
| Operating Segment · GlobalRevenues · Region · 2023 · 2022 · Total · Oper. · Operational Results Commentary | ||||||||||
| Business Innovation | $1,310Down 2%(operationally) | U.S. | $390 | $390 | — | Decline primarily driven by a reduction in Comirnaty supply to BioNTech and lower revenues from our active pharmaceutical ingredient sales operation, partially offset by higher manufacturing activities performed on behalf of customers as well as an increase in R&D services to select innovative biotech companies under our Pfizer Ignite operations. | ||||
| Int’l. | 920 | 952 | (3) | (3) | ||||||
| Worldwide | $1,310 | $1,342 | (2) | (2) | ||||||
(a)Comirnaty includes direct sales and Alliance revenues related to sales of the Pfizer-BioNTech COVID-19 vaccine, which are recorded within our Primary Care customer group. It does not include revenues for certain Comirnaty-related manufacturing activities performed on behalf of BioNTech, which are included in PC1, which is part of the Business Innovation operating segment. See Note 17C.
See the Item 1. Business—Patents and Other Intellectual Property Rights section for information regarding the expiration of various patent rights, Note 16 for a discussion of recent developments concerning patent and product litigation relating to certain of the products discussed above and Note 17C for the primary indications or class of the selected products discussed above.
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