Pharmaceutical company Pfizer dropped its 2023 revenue guidance on declining Covid vaccine sales after posting a 47 per cent rise in last year's fourth-quarter net profit.
The New York-based company’s net profit jumped to nearly $5 billion in the three months to the end of December. Its October-December revenue rose roughly 2 per cent yearly to $24.29 billion, it said in a statement on Tuesday.
The drug maker’s net income for the past full financial year increased 43 per cent to more than $31.3 billion. Sales in 2022 jumped 23 per cent to more than $100.3 billion, an all-time high, driven by higher sales of Covid-19 vaccines, Pfizer said.
The company expects its full year sales to drop to between $67 billion and $71 billion, as the pandemic eases and sales for its Covid vaccines drop.
Pfizer's adjusted earnings per share rose 45 per cent yearly to $1.14 per share in the last quarter.
Sales of Pfizer’s Covid vaccine dropped almost 9 per cent on an annual basis to $11.3 billion in the fourth quarter.
Meanwhile, Paxlovid contributed $1.8 billion in global revenue in the last quarter. Paxlovid is a treatment for Covid-19 patients, but it does not prevent infection. It was found to reduce the risk of hospital admission or death from the virus by 90 per cent in a clinical trial of adults.
After the announcement, Pfizer's shares were trading about 0.15 per cent down at $43.47 each.
Albert Bourla, chairman and chief executive of Pfizer, said: “Our focus is always on what is next. As we turn to 2023, we expect to once again set records, with potentially the largest number of new product and indication launches that we have ever had in such a short period of time.
“We believe that the combination of these expected near-term launches, additional pipeline products that could potentially come to market in the medium-term, and anticipated contributions from business development, has the potential to set the company up for continued robust growth through the rest of this decade and beyond."
Mr Bourla said this should be a "transition year", representing a low point in the company’s Covid-related revenue.
However, he expects an increase in Covid-19 vaccination rates from 2025, assuming the successful development and approval of a Covid/flu combination product.
“A successful introduction of a Covid/flu combo could over time bring the percentage of Americans receiving the Covid-19 vaccine closer to the portion of people getting flu shots … outside the US, we expect these general trends to be similar,” he said.
The company expects $13.5 billion in Covid vaccine sales in 2023, a year-on-year decline of 64 per cent. It predicts a 58 per cent drop in revenue for Paxlovid to $8 billion.
Pfizer’s primary care unit — consisting of the former internal medicine and vaccines product portfolios, as well as Covid-19 products — accounted for almost 71 per cent of overall revenue. Its sales jumped 7 per cent on an annual basis to more than $17.3 billion in the fourth quarter.
The specialty care arm — consisting of the former inflammation and immunology departments, rare disease and hospital product portfolios — dropped 11 per cent to nearly $3.5 billion.
Meanwhile, oncology division revenue dropped 7 per cent to more than $3bn during the quarter.
The company spent more than $3.6 billion on research and development, about 14.8 per cent of its total sales in the quarter. This is nearly 5 per cent more than was spent on R&D in the same period in 2021.
“Looking forward to 2023, we expect strong top-line growth of 7 per cent to 9 per cent excluding our Covid-19 products and anticipated foreign exchange impacts,” said David Denton, chief financial officer and executive vice president of the company.
“We are also increasing our investments behind our launch products and pipeline in order to help realise our growth goals for 2023 and beyond."
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SPECS
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Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
KILLING OF QASSEM SULEIMANI
CONFIRMED%20LINE-UP
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Pathaan
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ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Central%20Bank's%20push%20for%20a%20robust%20financial%20infrastructure
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UAE currency: the story behind the money in your pockets
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The%20Hunger%20Games%3A%20The%20Ballad%20of%20Songbirds%20%26%20Snakes
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
UAE currency: the story behind the money in your pockets
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
UAE's role in anti-extremism recognised
General John Allen, President of the Brookings Institution research group, commended the role the UAE has played in the fight against terrorism and violent extremism.
He told a Globsec debate of the UAE’s "hugely outsized" role in the fight against Isis.
"It’s trite these days to say that any country punches above its weight, but in every possible way the Emirates did, both militarily, and very importantly, the UAE was extraordinarily helpful on getting to the issue of violent extremism," he said.
He also noted the impact that Hedayah, among others in the UAE, has played in addressing violent extremism.
UAE%20Warriors%2045%20Results
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
SAUDI RESULTS
Team Team Pederson (-40), Team Kyriacou (-39), Team De Roey (-39), Team Mehmet (-37), Team Pace (-36), Team Dimmock (-33)
Individual E. Pederson (-14), S. Kyriacou (-12), A van Dam (-12), L. Galmes (-12), C. Hull (-9), E. Givens (-8),
G. Hall (-8), Ursula Wikstrom (-7), Johanna Gustavsson (-7)
57%20Seconds
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The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
