BIG PHARMA EARNINGS WATCH: PFIZER, MODERNA, ELI LILLY, NOVARTIS, GLAXOSMITHKLINE, ROCHE, AMGEN

May 9, 2023

Brand Name Drug Companies Continue to Hike Prices and Post Record Profits

Rounding out the rest of Big Pharma’s earnings calls for the first quarter, brand name drug makers Pfizer, Moderna, Eli Lilly, Novartis, GlaxoSmithKline, Roche, and Amgen all reported revenue that topped Wall Street expectations, and several of the Big Pharma firms reported stronger than expected earnings as well. The strong first quarter earnings reports coincide with continued price hikes, including at the start of the year, and indications the Big Pharma companies will continue to price-gouge American patients.

Pfizer

Pfizer smashed Wall Street analysts’ earnings and revenue estimates, raking in $18.28 billion in Q1 revenue.
Pfizer’s COVID-19 vaccine and antiviral treatments, Comirnaty and Paxlovid, brought in over $7 billion for the company.
The Big Pharma giant reported a first-quarter profit of $5.54 billion.
Pfizer maintained its 2023 sales forecast of $67 billion to $71 billion.
Strong revenue was further fueled by migraine drug Nurtec ODT and sickle cell disease treatment Oxbryta, which together brought in more than $200 million.

Moderna

Moderna also smashed Q1 earnings and revenue estimates, topping Wall Street analysts’ estimates.
The brand name drug maker reported Q1 sales of $1.9 billion.
The Big Pharma giant reported a first-quarter net income of $79 million.

Eli Lilly

Lilly topped Wall Street revenue estimates, reporting Q1 revenue of $6.96 billion.
The drug maker posted a net income of $1.3 billion for the quarter.
Growth products revenue increased 18 percent to $4.56 billion in Q1 2023, led by Verzenio, Trulicity, Jardiance and Taltz.
New products contributed $573.6 million in revenue in Q1 2023, driven by blockbuster diabetes drug Mounjaro, with 2023 revenue projections topping $1 billion – on track to become the company’s third best-selling drug.
Lilly raised its guidance for the year with 2023 revenue projected to top $31 billion.

Novartis

Novartis reported earnings and revenue that beat Wall Street expectations, reporting $12.95 billion in revenue.
The Big Pharma giant posted a first-quarter profit of $2.29 billion.
Sales of the drug maker’s blockbuster heart failure drug Entresto jumped 28 percent to $1.39 billion.
Sales from the company’s popular breast cancer drug Kisqali increased 74 percent to $415 million.

GlaxoSmithKline

GlaxoSmithKline topped Wall Street analysts’ revenue and profit estimates, reporting revenues of $8.45 billion in Q1.
The Big Pharma giant reported first-quarter net income of $1.81 billion.
GlaxoSmithKline’s strong performance was driven by popular shingles vaccine Shingrix, as well as respiratory drugs Nucala and Trelegy.

Roche

Roche reported revenue for the first quarter that beat Wall Street analysts’ projections, raking in $17.2 billion, driven by anti-blindness treatment Vabysmo and better-than-expected sales of COVID antibody treatment Ronapreve.
The Big Pharma giant’s strong revenue performance was buoyed by higher-than-expected sales in the company’s pharmaceutical division – up nine percent year-over-year to $13.1 billion.
Roche’s popular eye medicine, Vabysmo, generated $483.6 million in Q1 sales.

Amgen

Amgen reported earnings that beat Wall Street expectations, reporting first-quarter net income of $2.84 billion.
Over the last four quarters, Amgen has surpassed consensus earnings estimates each time.
Amgen posted revenues of $6.11 billion in Q1 2023.

The strong earnings come as several of the drug makers have implemented significant price hikes in 2023 and have a history of engaging in anti-competitive tactics.