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Pfizer Revenues Slide to End 2019

Analysis  |  By Jack O'Brien  
   January 28, 2020

The New York-based drugmaker projects its 2020 revenues will be between $48.5 billion to $50.5 billion.

Pfizer Inc. reported full-year revenues of $51.8 billion, down 1% year-over-year, according to its Q4 2019 earnings report released Tuesday morning.

The New York-based pharmaceutical company reported revenues of $12.7 billion in Q4, down 8% year-over-year, despite 9% growth in its biopharma segment. 

The most significant anchor on Pfizer's revenues was its Upjohn segment, which fell from $3.1 billion in Q4 2018 to $2.1 billion in Q4 2019, a 32% decline. Frank D’Amelio, chief financial officer of Pfizer, attributed this decline to the loss of U.S. exclusivity for Lyrica in July 2019.

Forward-looking, the drugmaker projects its 2020 revenues will be between $48.5 billion to $50.5 billion.

Additionally, Pfizer projects its 2020 adjusted earnings per share (EPS) to be between $2.82 to $2.92. 

C-suite perspective:

"2019 was a busy year, highlighted by solid financial performance, shareholder-friendly capital allocation, the strengthening of our pipeline as well as the formation of the Consumer Healthcare JV with GSK," Dr. Albert Bourla, chief executive officer of Pfizer, said in a statement. "We also announced a definitive agreement to combine Upjohn and Mylan to create a new global pharmaceutical company, Viatris, marking an important milestone in Pfizer’s evolution toward becoming a more focused, global leader in innovative medicines."

Bourla added that he anticipates the Upjohn-Mylan transaction will close by mid-2020.

Related: Ochsner and Pfizer Constructing 'Digital Superhighway' for Clinical Trials

The agreement to create a healthcare joint venture with GlaxoSmithKline (GSK) in July 2019 led to Pfizer deconsolidating its consumer healthcare segment.

This is reflected in the company's year-end earnings report, as there are no revenues for consumer healthcare in Q4 2019, though the company reported $974 million in revenues in Q4 2018. 

Related: Former FDA Commissioner Scott Gottlieb Walks Through the Revolving Door to Pfizer's Board

Both Pfizer and GSK caught flak earlier this year after Reuters reported that the drugmakers planned on hiking U.S. list prices on more than 200 prescription drugs. 

Pfizer was most recently in the news after Biogen announced that it agreed to purchase an experimental treatment for Alzheimer's and Parkinson's from the company.

Related: Biogen to Buy Early-Stage Potential Alzheimer's, Parkinson's Treatment From Pfizer

Related: Drugmakers From Pfizer to GSK to Hike U.S. Prices on Over 200 Drugs

Pfizer's stock reacted negatively to the quarterly results, trading down more than 3% in the early morning session.


  • During 2019, Pfizer returned nearly $17 billion to shareholders through dividends and share repurchases. billion remaining under its existing repurchase agreement.  
  • The company has no share repurchases planned for 2020, despite a remaining share repurchase agreement totaling $5.3 billion.
  • Pfizer's reported net income for 2019 was $16.2 billion, up 46% year-over-year, though its adjusted income was $16.7 billion, down 4% over the same period.

For complete financial information, review Pfizer's filing with the Securities and Exchange Commission.

Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.

Photo credit: MADRID, SPAIN - MARCH 9, 2019. Pfizer logo on Pfizer building. Pfizer is an American pharmaceutical corporation / Editorial credit: Manuel Esteban /

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