Pfizer Posts Surprise Q4 Profit Despite COVID-19 Sales Drop

Company implements $4 billion cost-cutting program and reaffirms 2024 forecast amid declining vaccine and treatment sales.

Pfizer reported a surprise profit for Q4 2023, with earnings adjusted for one-time items coming to 10 cents per share, beating Wall Street's expectation of a loss of 18 cents per share.
The company's COVID-19 vaccine, Comirnaty, saw sales drop 53% to $5.4 billion in Q4, while the company took a $3.1 billion hit from Paxlovid, its COVID-19 treatment, due to the return of unused treatment courses purchased by the government.
Pfizer's total revenue fell 41% in the quarter to $14.25 billion, missing the consensus expectation for $14.37 billion.
The company is implementing a $4 billion cost-cutting program and internal restructuring to return to profitability.
Pfizer reaffirmed its forecast for 2024, expecting adjusted earnings to range between $2.05 and $2.25 per share.