Financial Performance - Total revenues for the three months ended March 31, 2024, were 14,879million,adecreaseof1918,486 million for the same period in 2023[11]. - Product revenues for the same period were 12,443million,downfrom16,221 million, reflecting a decline of 23%[11]. - Alliance revenues increased to 2,172million,comparedto2,060 million, marking a growth of 5%[11]. - Net income attributable to Pfizer Inc. common shareholders for the three months ended March 31, 2024, was 3,115million,downfrom5,543 million, a decrease of 44%[11]. - Earnings per share (EPS) for the three months ended March 31, 2024, were 0.55,comparedto0.98 for the same period in 2023, a decline of 44%[11]. - The company reported income from continuing operations before tax provision of 3,421million,downfrom6,270 million, a decrease of 45%[11]. - Comprehensive income attributable to Pfizer Inc. for the three months ended March 31, 2024, was 3,319million,downfrom5,558 million for the same period in 2023[13]. - Net income for the three months ended March 31, 2024, was 3,123million,adecreaseof445,556 million for the same period in 2023[13]. Expenses and Costs - Research and development expenses for the quarter were 2,493million,slightlydownfrom2,505 million in the prior year[11]. - Cost of sales for the quarter was 3,379million,adecreasefrom4,886 million, reflecting a reduction of 31%[11]. - Amortization of intangible assets for the quarter was 1,308million,upfrom1,103 million, an increase of 19%[11]. - The company incurred restructuring charges and certain acquisition-related costs amounting to 102million,comparedto9 million in the same period last year[11]. - The company reported depreciation and amortization expenses of 1,736millionforthethreemonthsendedMarch31,2024,anincreasefrom1,487 million in the prior year[18]. Assets and Liabilities - Total current assets decreased to 42,415millionasofMarch31,2024,downfrom43,333 million at December 31, 2023[14]. - Total liabilities decreased to 128,537millionasofMarch31,2024,comparedto137,213 million at December 31, 2023[14]. - Cash and cash equivalents significantly decreased to 719millionfrom2,853 million at December 31, 2023[14]. - Trade accounts receivable decreased to 10,989millionasofMarch31,2024,from11,566 million at December 31, 2023[14]. - Total equity attributable to Pfizer Inc. shareholders increased to 92,282millionasofMarch31,2024,from89,014 million at December 31, 2023[14]. - The company reported a decrease in inventories to 10,892millionasofMarch31,2024,comparedto10,189 million at December 31, 2023[14]. - Short-term borrowings decreased to 8,232millionasofMarch31,2024,from10,350 million at December 31, 2023[14]. - The company’s long-term debt remained relatively stable at 61,307millionasofMarch31,2024,comparedto61,538 million at December 31, 2023[14]. Cash Flow - Net cash provided by operating activities for the three months ended March 31, 2024, was 1,090million,downfrom1,212 million in the same period last year[18]. - The company reported a net cash increase from investing activities of 1,732millionforthethreemonthsendedMarch31,2024,comparedto3,315 million in the prior year[18]. - Cash dividends paid during the three months ended March 31, 2024, were 2,372million,comparedto2,303 million in the same period last year[18]. Acquisitions and Investments - Pfizer completed the acquisition of Seagen for a total consideration of 44.2billion,withtheacquisitiondateonDecember14,2023[26].−TheprovisionalamountrecognizedforidentifiableintangibleassetsfromtheSeagenacquisitionwas7,970 million, subject to adjustments[27]. - Goodwill recognized from the Seagen acquisition was 17,650millionaftermeasurementperiodadjustments[28].−Pfizersoldapproximately303.5 billion, recognizing a gain of 150millioninthefirstquarterof2024[31].−ThecarryingvalueofPfizer′sinvestmentinHaleondecreasedto7,922 million as of March 31, 2024, down from 10,980millionasofApril2,2023[35].LegalProceedings−Thecompanyisinvolvedinvariouslegalproceedings,includingpatentlitigation,whichcouldresultinsignificantrevenuelossifadverseoutcomesoccur[87].−Pfizeriscurrentlyfacingchallengestoitspatentrightsinmultiplejurisdictions,whichcouldimpactthemarketentryofgenericproducts[88].−Thecompanyhassettledseveralpatent−infringementactionsrelatedtoXeljanzwithgenericmanufacturers,withongoinglitigationagainstSinotherapeutics[90].−SeveralgenericcompanieshavefiledANDAswiththeFDAforMektovi,challengingmultiplepatentsexpiringbetween2030and2033,leadingtopatentinfringementactionsbythecompany[91].−InJune2023,thecompanyinitiatedpatentinfringementactionsagainstTevaPharmaceuticalsregardingMektovi,assertingthevalidityofthreepatents[91].−MultiplegenericcompanieshavefiledANDAsfortafamidisandtafamidismeglumine,promptingthecompanyandScrippsResearchInstitutetofilepatentinfringementactionsinAugust2023[92].−ThecompanyisinvolvedinvariouslegalproceedingsregardingComirnaty,includingmultiplecomplaintsallegingpatentinfringementfiledbyAlnylamandModerna,withongoinglitigationinbothU.S.andEuropeancourts[94][95].RevenueBreakdown−BiopharmasegmentrevenuesforQ12024were14,604 million, a decrease of 19% from 18,173millioninQ12023[129].−U.S.revenuesincreasedby99,514 million in Q1 2024, compared to 8,711millioninQ12023[131].−Revenuesfrominternationaldevelopedmarketsfellby433,198 million, while emerging markets dropped by 48% to 2,167million[131].−Significantproductrevenuesincluded2,035 million from Paxlovid in Q1 2024, down from 4,069millioninQ12023[133].−Oncologydivisionrevenueincreasedto2,572 million in Q1 2024 from 1,983millioninQ12023,markingagrowthofabout3084 million in Q1 2024, up from 71millioninQ12023,reflectingagrowthofabout1842 million in Q1 2024, compared to 16millioninQ12023,showingasignificantgrowthof163263 million in Q1 2024 from $204 million in Q1 2023, representing a growth of approximately 29%[136].
Pfizer(PFE)2024-05-08 19:56