Pfizer – US$58.5bn (-42%)
American multinational pharmaceutical and biotechnology corporation, Pfizer remains in the top spot in 2024 for the third year in a row. Pfizer specialises in the development of medicines and vaccines across a wide range of disciplines including immunology, oncology, cardiology and neurology. Since the spin-off of Upjohn, which completed in 2020, the company has moved forward as a single focused innovative biopharmaceutical company, working on the discovery, development, manufacturing, marketing, sales and distribution of biopharmaceutical products worldwide.
In the fiscal year of 2023, Pfizer’s revenues totalled $58.5bn, down 42% from 2022 where the company’s sales reached an impressive US$100bn thanks to its top-selling product Comirnaty, mRNA vaccine for Covid-19. Excluding contributions from its COVID portfolio, Pfizer achieved 7% operational revenue growth in 2023, with substantial contributions from new product and indication launches and growth from key brands.
Paving new ways for future growth, Pfizer worked to build a strong foundation for 2024 and beyond. In 2023, the FDA greenlit 9 New Molecular Entity approvals which is expected to greatly bolster Pfizer’s portfolio in the coming years. Furthermore, Pfizer completed the acquisition of Seagen Inc at the end of 2023, one of the largest investments in Pfizer’s history. The acquisition positions Pfizer to deliver the potential next generation of transformative cancer treatments.
David Denton, Chief Financial Officer and Executive Vice President, commented “We are pleased with the strong 8% operational revenue growth of Pfizer’s non-COVID products in the fourth quarter of 2023, achieving our full-year 2023 non-COVID operational revenue growth target of 6% to 8%,” he went on to say, “We are prepared to execute our commercial strategy to drive continued growth from our newly launched and acquired products, and to deliver on our targeted cost savings that we expect will expand our operating margins in 2024 and beyond”.
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