\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n REVENUES<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ in millions)\n<\/p>\n<\/td>\n | \n \nFourth-Quarter\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nFull-Year\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n | \n \n% Change\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2022\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2021\n<\/p>\n<\/td>\n | \n \n% Change\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nTotal\n<\/p>\n<\/td>\n | \n \nOper.\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nTotal\n<\/p>\n<\/td>\n | \n \nOper.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Global Biopharmaceuticals Business (Biopharma)(6)<\/sup><\/b><\/p>\n<\/td>\n| \n $<\/b><\/p>\n<\/td>\n | \n 23,922<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 23,456<\/b><\/p>\n<\/td>\n | \n 2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 13<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 98,988<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 79,557<\/b><\/p>\n<\/td>\n | \n 24<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 31<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nPrimary Care(6)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n17,348\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n16,225\n<\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n73,023\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n52,029\n<\/p>\n<\/td>\n | \n \n40\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n49\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSpecialty Care(6)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,566\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,989\n<\/p>\n<\/td>\n | \n \n(11\n<\/p>\n<\/td>\n | \n \n%)\n<\/p>\n<\/td>\n | \n \n(3\n<\/p>\n<\/td>\n | \n \n%)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n13,833\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n15,194\n<\/p>\n<\/td>\n | \n \n(9\n<\/p>\n<\/td>\n | \n \n%)\n<\/p>\n<\/td>\n | \n \n(4\n<\/p>\n<\/td>\n | \n \n%)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOncology(6)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,007\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,242\n<\/p>\n<\/td>\n | \n \n(7\n<\/p>\n<\/td>\n | \n \n%)\n<\/p>\n<\/td>\n | \n \n(3\n<\/p>\n<\/td>\n | \n \n%)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n12,132\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n12,333\n<\/p>\n<\/td>\n | \n \n(2\n<\/p>\n<\/td>\n | \n \n%)\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Pfizer CentreOne<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 368<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 382<\/b><\/p>\n<\/td>\n | \n (4<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,342<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,731<\/b><\/p>\n<\/td>\n | \n (22<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n (19<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n TOTAL REVENUES<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 24,290<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 23,838<\/b><\/p>\n<\/td>\n | \n 2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 13<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 100,330<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 81,288<\/b><\/p>\n<\/td>\n | \n 23<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 30<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nBeginning in the first quarter of 2022, Pfizer implemented changes to its Adjusted(3)<\/sup> financial measures with respect to acquired in-process research and development (IPR&D) costs and amortization of intangibles. More information about these changes and their impact on the periods presented can be found in the Non-GAAP Financial Measure: Adjusted Income<\/i> section of the press located at the hyperlink below.\n<\/p>\n\nBeginning in the third quarter of 2022, Pfizer has made several organizational changes to further transform its operations to better leverage its expertise in certain areas and in anticipation of potential future new product or indication launches. These changes include establishing a new commercial structure within Biopharma focused on three broad customer groups (primary care, specialty care and oncology)(6)<\/sup>, optimizing our end-to-end R&D operations and further prioritizing our internal R&D portfolio, as well as realigning certain enabling and platform functions across the organization to ensure alignment with this new operating structure.\n<\/p>\n\nPrior period amounts have been revised to conform to the current period presentation for all changes discussed above.\n<\/p>\n \nBusiness development activities(7)<\/sup> completed in 2021 and 2022(5)<\/sup> impacted financial results in the periods presented. Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates(8)<\/sup>.\n<\/p>\n2023 FINANCIAL GUIDANCE(4)<\/sup><\/b><\/p>\n\nPfizer\u2019s 2023 financial guidance is presented below. This guidance includes management\u2019s expectations for contributions from the entire company, including Comirnaty(1)<\/sup> and Paxlovid.\n<\/p>\n\n\n| \n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n | \n 2022 Actual Results<\/b><\/p>\n<\/td>\n | \n 2023 Financial Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenues<\/b><\/p>\n<\/td>\n | \n $100.3 billion<\/b><\/p>\n<\/td>\n | \n $67.0 to $71.0 billion<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Operational(8) <\/sup>Growth\/(Decline) vs. Prior Year<\/i><\/p>\n<\/td>\n| \n 30%<\/i><\/p>\n<\/td>\n | \n (33%) to (29%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Growth\/(Decline) vs. Prior Year<\/i><\/p>\n<\/td>\n | \n 23%<\/i><\/p>\n<\/td>\n | \n (33%) to (29%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted(3)<\/sup> Diluted EPS<\/b><\/p>\n<\/td>\n| \n $6.58<\/b><\/p>\n<\/td>\n | \n $3.25 to $3.45<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Operational(8) <\/sup>Growth\/(Decline) vs. Prior Year<\/i><\/p>\n<\/td>\n| \n 71%<\/i><\/p>\n<\/td>\n | \n (50%) to (47%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Growth\/(Decline) vs. Prior Year<\/i><\/p>\n<\/td>\n | \n 62%<\/i><\/p>\n<\/td>\n | \n (51%) to (48%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe midpoint of the guidance range for revenues reflects a 31% operational decrease compared to 2022 revenues. Company revenues are anticipated to be lower in 2023 than in 2022 due entirely to expected revenue declines for Pfizer\u2019s COVID-19 products.\n<\/p>\n \nExcluding COVID-19 products, the Company continues to expect 7% to 9% operational revenue growth in 2023.\n<\/p>\n \nRevenue guidance for Pfizer\u2019s COVID-19 products is as follows:\n<\/p>\n \n- \nComirnaty(1)<\/sup> revenues of approximately $13.5 billion, down 64% from actual 2022 results.\n<\/li>\n<\/ul>\n
\n- \nPaxlovid revenues of approximately $8 billion, down 58% from actual 2022 results.\n<\/li>\n<\/ul>\n
\n- \nIn contrast to previous years, guidance for both products is no longer based primarily on expected deliveries under existing signed or committed supply contracts, but now also includes, among other things, anticipated sales through traditional commercial markets in the U.S. in the second half of 2023.\n<\/li>\n<\/ul>\n
\nThe midpoint of the guidance range for Adjusted(3)<\/sup> diluted EPS reflects a 49% operational decrease compared to 2022, primarily driven by anticipated lower revenues from COVID-19 products, higher spending to support anticipated near-term launches and greater investments in certain late-stage pipeline projects.\n<\/p>\n\nFinancial guidance for Adjusted diluted EPS(3)<\/sup> is calculated using approximately 5.75 billion weighted average shares outstanding, and assumes no share repurchases in 2023.\n<\/p>\n\nOther components of Pfizer\u2019s 2023 financial guidance are presented below.\n<\/p>\n \n\n| \n \nAdjusted(3)<\/sup> Cost of Sales as a Percentage of Revenues\n<\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n28.0% to 30.0%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted(3)<\/sup> SI&A Expenses\n<\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$13.8 to $14.8 billion\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted(3)<\/sup> R&D Expenses\n<\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$12.4 to $13.4 billion\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquired IPR&D Expenses(4)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n | \n \nApproximately $0.1 billion\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted(3)<\/sup> Other (Income)\/Deductions\n<\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n | \n \nApproximately $1.5 billion of income\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEffective Tax Rate on Adjusted(3)<\/sup> Income\n<\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n | \n \nApproximately 15.0%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nPfizer’s 2023 financial guidance is based on estimates and assumptions which are subject to significant uncertainties, particularly with regard to the anticipated performance of Comirnaty(1)<\/sup> and Paxlovid, for which patient demand could be significantly impacted by the infectiousness and severity of the predominant strains of the virus during 2023.\n<\/p>\n\nKey assumptions incorporated within the guidance follow.\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Key Assumptions for 2023 Guidance<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Commentary<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOperational revenue growth compared to 2022 excluding COVID-19 products\n<\/p>\n<\/td>\n | \n \n7% to 9%\n<\/p>\n<\/td>\n | \n \nGrowth expected to be split among each of three categories: launch, acquired and in-line products\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncremental SI&A spend to support anticipated new launches, acquired assets and commercial launch of COVID-19 products\n<\/p>\n<\/td>\n | \n \n~$1.3 billion\n<\/p>\n<\/td>\n | \n \nInvestments to support short- and long-term growth aspirations\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncremental R&D spend to support high-value pipeline programs and acquired assets\n<\/p>\n<\/td>\n | \n \n~$1.5 billion\n<\/p>\n<\/td>\n | \n \nIncludes, among others: GLP-1, elranatamab, respiratory combination vaccines\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Comirnaty – 2023 Guidance Assumptions<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Commentary<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEstimated proportion of U.S. population that receives a vaccine\n<\/p>\n<\/td>\n | \n \n~24%\n<\/p>\n<\/td>\n | \n \nCompared to ~31%\u2020<\/sup> in 2022; Decrease due to fewer primary vaccinations and lower compliance\n<\/p>\n<\/td>\n<\/tr>\n\n| \n \nEstimated number of doses per vaccinated person per year, on average\n<\/p>\n<\/td>\n | \n \n~1.3 doses\n<\/p>\n<\/td>\n | \n \nCompared to ~1.4 doses\u2020<\/sup> in 2022; Decrease due to fewer primary vaccinations\n<\/p>\n<\/td>\n<\/tr>\n\n| \n \nEstimated Comirnaty market share – U.S.\n<\/p>\n<\/td>\n | \n \n~64%\n<\/p>\n<\/td>\n | \n \nConsistent with share achieved with most recent bivalent booster in 2022\u2020<\/sup><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEstimated total demand for Comirnaty doses – U.S. (includes use of existing government supply)\n<\/p>\n<\/td>\n | \n \n~65 million doses\n<\/p>\n<\/td>\n | \n \nCompared to ~92 million doses\u2020<\/sup> in 2022\n<\/p>\n<\/td>\n<\/tr>\n\n| \n \nAssumed timing for delivery of the contracted doses of Comirnaty to the European Commission\n<\/p>\n<\/td>\n | \n \nRe-phased over multiple years (not all in 2023)\n<\/p>\n<\/td>\n | \n \nNegotiations on re-phasing of delivery timelines are ongoing\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n Paxlovid – 2023 Guidance Assumptions<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Commentary<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEstimated number of total reported symptomatic infections – global*, excluding China\n<\/p>\n<\/td>\n | \n \n~112 million\n<\/p>\n<\/td>\n | \n \nCompared to ~110 million\u2020<\/sup> in 2022; Increase due to expected waning of population immune protection due to reduced vaccination rates\n<\/p>\n<\/td>\n<\/tr>\n\n| \n \nEstimated proportion of symptomatic COVID-19 patients treated with an oral antiviral treatment – global*, excluding China\n<\/p>\n<\/td>\n | \n \n~17%\n<\/p>\n<\/td>\n | \n \nCompared to ~12%\u2020<\/sup> in 2022 (partial year only); Increase due to greater awareness\/education and full-year implementation\n<\/p>\n<\/td>\n<\/tr>\n\n| \n \nEstimated Paxlovid share of oral antiviral market – global*, excluding China\n<\/p>\n<\/td>\n | \n \n~90%\n<\/p>\n<\/td>\n | \n \nConsistent with share achieved in 2022\u2020<\/sup><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEstimated total demand for Paxlovid – global*, excluding China (includes use of existing government supply)\n<\/p>\n<\/td>\n | \n \n~17 million courses\n<\/p>\n<\/td>\n | \n \nCompared to ~12 million courses\u2020<\/sup> in 2022 (partial year only); Increase due to broad product availability, greater awareness\/education and full-year implementation\n<\/p>\n<\/td>\n<\/tr>\n\n| \n \nPaxlovid sales to China\n<\/p>\n<\/td>\n | \n \nAssumes no sales after April 1, 2023\n<\/p>\n<\/td>\n | \n \nTemporary National Reimbursement Drug List currently set to end on April 1, 2023\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n General – 2023 Guidance Assumption<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Commentary<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEstimated timing for transitioning Comirnaty and Paxlovid to commercial market in the U.S.\n<\/p>\n<\/td>\n | \n \nSecond half of 2023\n<\/p>\n<\/td>\n | \n \nAssumes prior absorption of existing government supply\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n* Only includes markets where Paxlovid is available, and only includes individuals age 12+\/18+ where authorized\/approved in accordance with local labeling.
\n
\u2020 Actual 2022 market data is derived from a combination of public data sources and internal market research.\n<\/p>\n CAPITAL ALLOCATION<\/b><\/p>\n \nDuring full-year 2022, Pfizer deployed its capital in a variety of ways, which primarily include the following two broad categories:\n<\/p>\n \n- \nReinvesting capital into initiatives intended to enhance the future growth prospects of the company, including:<\/p>\n
\n- \n$11.4 billion invested in internal research and development projects, and\n<\/li>\n
- \nApproximately $26 billion invested in completed business development transactions, net of cash acquired, including approximately $12.7 billion(7)<\/sup> for the acquisition of Biohaven Pharmaceutical Holding Company Ltd. (Biohaven), $6.4 billion(7)<\/sup> for the acquisition of Arena Pharmaceuticals, Inc. and approximately $5.6 billion(7)<\/sup> for the acquisition of Global Blood Therapeutics, Inc. (GBT).\n<\/li>\n<\/ul>\n<\/li>\n
- \nReturning capital directly to shareholders through a combination of:<\/p>\n
\n- \n$9.0 billion of cash dividends, or $1.60 per share of common stock, and\n<\/li>\n
- \n$2.0 billion, which was used to repurchase 39.1 million shares on the open market in March 2022, at an average cost of $51.10 per share.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\nAs of January 31, 2023, Pfizer\u2019s remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any share repurchases in 2023.\n<\/p>\n \nFourth-quarter 2022 diluted weighted-average shares outstanding used to calculate Reported(2)<\/sup> and Adjusted(3)<\/sup> diluted EPS were 5,743 million shares, a decrease of 26 million shares compared to the prior-year quarter, primarily due to shares repurchased in first-quarter 2022, partially offset by shares issued for employee compensation programs.\n<\/p>\nQUARTERLY FINANCIAL HIGHLIGHTS (Fourth-Quarter 2022 vs. Fourth-Quarter 2021)<\/b><\/p>\n \nFourth-quarter 2022 revenues totaled $24.3 billion, an increase of $452 million, or 2%, compared to the prior-year quarter, reflecting operational growth of $3.0 billion, or 13%, as well as an unfavorable impact of foreign exchange of $2.5 billion, or 11%. Excluding contributions from Paxlovid and Comirnaty(1)<\/sup>, company revenues grew $571 million, or 5%, operationally.\n<\/p>\n\nFourth-quarter 2022 operational growth was primarily driven by:\n<\/p>\n \n- \nComirnaty(1)<\/sup> in developed markets, up 67% operationally, driven primarily by the resumption of deliveries of the Omicron-adapted bivalent booster following a previously announced period of significantly lower deliveries of the original vaccine during third-quarter 2022, primarily involving the European Union (EU) and Japan;\n<\/li>\n
- \nPaxlovid outside the U.S., which contributed $1.8 billion in revenues, driven by international launches in late 2021 and early 2022 following regulatory approvals or emergency use authorizations (EUAs);\n<\/li>\n
- \nPrevnar family (Prevnar 13 & 20) in the U.S., up 79%, driven primarily by strong patient demand following the launch of Prevnar 20 for the eligible adult population and favorable timing of Centers for Disease Control and Prevention (CDC) purchasing of the pediatric indication, partially offset by a reduction in revenues due to a one-time CDC inventory return program for the pediatric indication, the revenue impact of which is expected to be reversed in 2023 upon replenishment;\n<\/li>\n
- \nRevenues from recently acquired products, Nurtec ODT\/Vydura and Oxbryta, which contributed $211 million and $73 million in global revenues, respectively;\n<\/li>\n
- \nVyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up 31% operationally, driven by continued strong uptake of the transthyretin amyloid cardiomyopathy indication, primarily in developed Europe and the U.S., partially offset by a planned price decrease that went into effect in Japan in second-quarter 2022;\n<\/li>\n
- \nEliquis in the U.S., up 17%, driven primarily by continued oral anti-coagulant adoption and market share gains in non-valvular atrial fibrillation, as well as favorable changes in channel mix; and\n<\/li>\n
- \nPrevenar 13 in emerging markets, up 22% operationally, driven primarily by strong growth in China and favorable timing of sales to GAVI, the Vaccine Alliance,\n<\/li>\n<\/ul>\n
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