Pfizer Inc.’s fourth quarter sales and earnings were largely in line with the lower expectations management already laid out to investors in December, but the company took roughly $2.8bn in asset impairment charges out of the income line, including $1.4bn related to its new S1P modulator Velsipity (etrasimod) and $964m related to Prevnar 13. Another $366m was related to in-process R&D, reflecting updated commercial forecasts mainly due to competitive pressures.
Key Takeaways
- Pfizer’s fourth quarter sales and earnings were largely in line with the lower expectations management already laid out to investors in December.
- Unlike Pfizer’s last two fourth quarter sales and earnings calls, when COVID-19 dominated the discussion, the topic was barely raised this year
The charge for Velsipity was based on “a change in development plans for additional indications and overall revenue expectations,” chief financial officer David Denton said during a 30 January conference call. The charge for Prevnar 13 reflects the transition to vaccines with higher serotype coverage, he said
Read the full article – start your free trial today!
Join thousands of industry professionals who rely on Scrip for daily insights
- Start your 7-day free trial
- Explore trusted news, analysis, and insights
- Access comprehensive global coverage
- Enjoy instant access – no credit card required
Already a subscriber?
