Pfizer’s dizzying growth has slowed in Q3 2022

Pfizer is the largest global pharmaceutical company by revenue. In 2021, Pfizer produced revenues of €78,460.52m, a 51% increase on its 2020 revenue of €40,199.44m.

Pfizer and German biotechnology company BioNTech SE collaborated to jointly develop a COVID-19 vaccine using BioNTech’s messenger RNA (mRNA) vaccine program. The Covid-19 vaccine was the first to be approved by regulators and is now available in over 50 countries as well as being the most popular coronavirus jab being administered in the US. They provide their jabs at profit, unlike other companies such as AstraZeneca. 

However, the revenue growth was not just due to the Covid-19 vaccine – excluding this, there was a 10 percent year-over-year operational revenue growth rate in Q2 2021, which came on top of a strong six percent operational growth rate delivered by the comparable business in the second quarter of 2020.

As well as its Covid-19 jab, other products, including the anticoagulant Eliquis and heart drugs Vyndamax and Vyndaqel, contributed to the company’s growth in the first and second quarter of 2021. 

Q2 2021 v 2022 Revenues

Pfizer reported a 53% operational growth in revenues to €26.7bn in Q2 2022. The rise in revenues was chiefly driven by robust contributions from Covid-19 therapies Paxlovid and Comirnaty.

The company reported that Paxlovid alone delivered global sales of €7.8bn.

Q3 2022 Revenues

In November 2022, Pfizer reported a 6% decline in revenue to €21.5bn in Q3 of 2022 as against €24bn in the same quarter last year.

The company announced that a reduction in revenues from Comirnaty outside the US and reduced revenues for some Comirnaty-linked manufacturing works carried out on behalf of BioNTech, Xeljanz and Sutent worldwide were the key drivers that contributed to this revenue decline.


Pfizer has introduced multiple biosimilars, although it anticipates that biosimilar competition will erode its earnings base significantly. In 2020 its sales of reference etanercept Enbrel were hit hard by biosimilar competition in European markets, Brazil, and Japan.

Acquisitions and mergers

In June 2022, Pfizer acquired ReViral, a privately held, clinical-stage biopharmaceutical company, focused on discovering, developing, and commercializing novel antiviral therapeutics that target respiratory syncytial virus (RSV). If successful, Pfizer believes annual revenue for these programs has the potential to reach or exceed €1.4 billion.

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