Pfizer posts record high revenues, sees slower 2023


Pfizer, a key manufacturer of Coronavirus vaccines and a drug to fight COVID-19, expects revenue to slow this year after posting record profits in 2022, the company said on Tuesday.

Revenues for 2022 were $100.3 billion, an all-time high for the U.S pharmaceutical company. This included 30 per cent in operational growth, the company said in a statement.

In 2022 the profits rose by 43per cent to $31.3 billion.

The firm said brisk sales of its COVID-19 remedy Paxlovid boosted sales.

But the company predicted 2023 revenue increases would slow to $67 billion to $71 billion as spread of the Coronavirus has slowed and many countries are sitting on stockpiles of the vaccine and medication.

However, earnings per share adjusted for special factors rose by 62 per cent to $6.58.

Meanwhile, for 2023, Pfizer has set a target range of $3.25 to $3.45.

Editor’s Picks  Seun Kuti remanded for assault on police officer