Revenue performance in fiscal 2018
Pfizer (PFE) reported revenues of $53.65 billion in fiscal 2018—a rise of 2.10% YoY (year-over-year). The performance was in line with the fiscal 2018 revenue guidance of $53.0 billion–$53.7 billion provided by the company in its third-quarter earnings conference call.
According to Pfizer’s fourth-quarter earnings conference call, the company benefited from solid uptake of its key brands including Ibrance, Eliquis, and Xeljanz across the world and its vaccine, Prevnar 13, in emerging markets. The company’s biosimilars portfolio also emerged as a major growth driver for the company. The portfolio reported revenues of $769 million in fiscal 2018—a rise of 45% YoY on a reported basis and 41% on an operational basis.
According to Pfizer’s fourth-quarter earnings conference call, the company suffered a negative revenue impact of $1.7 billion due to generic erosion for certain brands after it lost patent exclusivity. The company’s legacy established products and sterile injectables had weak performances.
In the fourth quarter, Pfizer reported revenues of $13.98 billion—a rise of 1.99% YoY and $80 million higher than the consensus revenue estimate.
Revenue projections for fiscal 2019
According to Pfizer’s fourth-quarter earnings conference call, the company expects to report revenues of $52 billion–$54 billion in fiscal 2019. There’s a headwind worth $2.6 billion associated with the generic erosion of drugs that have either lost their exclusivity or are scheduled to lose exclusivity in the future. Pfizer expects a negative revenue impact of $900 million associated with unfavorable foreign currency fluctuations.
According to Pfizer’s fourth-quarter earnings conference call, the company expects established brands like Ibrance, Xeljanz, Xtandi, and Eliquis to be major growth drivers in fiscal 2019. New product launches and label expansion of currently commercialized products are also expected to boost the company’s revenue performance in fiscal 2019.
Next, we’ll discuss Pfizer’s revenues in the fourth quarter and fiscal 2018.