Pfizer's Q1 2023 Revenue Falls 29 Percent to $18.2 Billion

Pfizer shares are adding 0.79% on premarket after having reported Q1 results earlier today on May 2nd, saying revenue fell 29% YoY from Covid-era ATH to $18.2 billion, however, still beating consensus forecast. Net income fell 30% to $5.5 billion on an annual basis, while diluted earnings per share (EPS) fell 29% to $0.97.

Pfizer confirmed its FY 2023 financial guidance, with FY 2023 revenue guidance of $67 billion to $71 billion, up from $68.82 billion previously, with adjusted diluted earnings per share of $3.25 to $3.45.

On the operational front, FY 2023 revenue excluding Covid-19 products is expected to grow 7% to 9% from average annual pace posted in 2022.