---
schema_version: "secwatch.filing_event.v1"
accession: "0000078003-23-000099"
form_type: "8-K"
ticker: "PFE"
cik: "0000078003"
company_name: "PFIZER INC"
filed_at: "2023-10-13T23:59:59+00:00"
generated_at: "2026-06-10T00:21:04.018527+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Pfizer cuts FY2023 revenue guide by $9B, records $5.5B COVID write-off, amends Paxlovid deal

## Summary
- 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%.

## SEC filing metadata
- accession: 0000078003-23-000099
- form_type: 8-K
- ticker: PFE
- cik: 0000078003
- company_name: PFIZER INC
- filed_at: 2023-10-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.02, 2.05, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/78003/000007800323000099/0000078003-23-000099-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/78003/000007800323000099/pfe-20231013.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000078003-23-000099
- JSON: https://secwatch.observer/filing/0000078003-23-000099.json
- Plain text: https://secwatch.observer/filing/0000078003-23-000099.txt

## Key facts
- Earnings Releases
  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
  source text: Pfizer Amends U.S. Government Paxlovid Supply Agreement and Updates Full-Year 2023 Guidance
  evidence_url: https://www.sec.gov/Archives/edgar/data/78003/000007800323000099/0000078003-23-000099-index.htm
- Restructurings & Charges
  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
  source text: $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
  evidence_url: https://www.sec.gov/Archives/edgar/data/78003/000007800323000099/0000078003-23-000099-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.