PFIZER INC (PFE): restructuring charge — Pfizer cuts FY2023 revenue guide by $9B, records $5.5B COVID write-off, amends Paxlovid deal

PFIZER INC

2023-Q3 EPS reported $0.96 revenue$44,247,000,000

Revises 2023 revenue to $58-61B (from $67-70B); Paxlovid revenues cut ~$7B including $4.2B reversal.
Records $5.5B non-cash Q3 charge for COVID inventory write-offs ($4.6B Paxlovid, $0.9B Comirnaty).
Amended U.S. Paxlovid deal: return ~7.9M EUA courses at year-end; commercial transition Jan 1, 2024.
Launches cost realignment program targeting $3.5B savings ($1B in 2023, $2.5B in 2024); ~$3B one-time costs.
Adjusted diluted EPS guidance cut to $1.45-$1.65 from $3.25-$3.45; non-COVID product growth reaffirmed at 6-8%.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PFIZER INC reported Full-Year 2023 results: EPS $1.45 to $1.65. Guidance lowered.

Period: Full-Year 2023
EPS: $1.45 to $1.65
Guidance: lowered
Result: guidance update

Exact text from the filing

Pfizer Amends U.S. Government Paxlovid Supply Agreement and Updates Full-Year 2023 Guidance

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

PFIZER INC announced a restructuring with charges of approximately $3.0 billion affecting enterprise-wide.

Type: restructuring
Charge: approximately $3.0 billion
Affected area: enterprise-wide

Exact text from the filing

$2.5 billion is expected to be realized in 2024. The one-time costs to achieve the savings associated with the Cost Realignment Program are expected to be approximately $3.0 billion, of which the majority is expected to be cash. These costs will primarily include severance and implementation costs. The estimate of costs that Pfizer expects to incur, and the

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Source: SEC EDGAR

accession 0000078003-23-000099

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