Pfizer's revenue Fell by 42 Percent to $13.23 Billion in Q3

Pfizer (PFE) announced on Tuesday, October 31, that its revenue in Q3 of the fiscal 2023-year dropped by 42% to $13.23 billion. The pharmaceutical giant reported a net loss of $2.38 billion in contrast with a net income of $8.61 billion seen in the same period in 2022. It also registered diluted losses per share of $0.42 per share, unlike a year ago, when it recorded earnings per share (EPS) of $1.51.

However, the company reaffirmed the 2023 outlook it previously slashed on October 13, citing lower-than-expected expected demand for Paxlovid and sharply slowing down Covid-19 vaccination rates. While its topline contracted ~42% YoY to $13.2B, Pfizer (PFE) touted its non-Covid products, sales of which grew ~10% YoY during Q3 and were on track for 6%–8% YoY growth in 2023.

Pfizer's shares went up by 1.46% yesterday, but edging lower a mere 0.03% in today’s premarket trading, with investors seemingly somewhat comforted by what CFO David Denton cited as “the strong 10% operational revenue growth of Pfizer's non-Covid products.” Also, its current valuation at P/S around 2.65 with gross margin of around 75% look enticing to keep this stock in a portfolio as a passive investment component.