Biopharmaceutical company Pfizer Inc (NYSE: PFE) on Tuesday reported financial results for Q1 2023 with revenues of USD18.3bn, which decreased by 26% operationally due to an expected decline in Comirnaty revenue.

Revenues from COVID-19 vaccine Comirnaty and the antiviral medicine Paxlovid were USD7.1bn in Q1 2023. However, excluding contributions from Comirnaty and Paxlovid, revenues grew 5% operationally. Pfizer reported diluted EPS of USD0.97 and adjusted diluted EPS of USD1.23 in Q1 2023, which decreased by 29% and 24%, respectively, compared to the previous year.

Pfizer reaffirmed its full-year 2023 financial guidance, expecting operational revenue growth of 7% to 9%, excluding COVID-19 products and foreign exchange impacts. Pfizer made significant progress towards an unprecedented number of anticipated new product and indication launches, including the FDA approvals for Zavzpret, Cibinqo for Adolescents, and Prevnar 20 in Pediatric Patients.

During Q1 2023, Pfizer announced plans to acquire Seagen, a global biotechnology company that discovers, develops, and commercializes transformative oncology medicines, to advance the battle against cancer. Pfizer expects the transaction to close in late 2023 or early 2024, subject to the satisfaction of customary closing conditions.

David Denton, CFO, stated that Pfizer's Q1 2023 results were in line with their expectations and that they expect robust operational growth through 2025 and beyond. Denton stated that Pfizer's strong balance sheet would continue to provide flexibility for future dividend increases and share repurchase activity, as well as additional business development activity.