Is it possible to use a pre-loaded hard drive on a brand new PS4?

My PS4 recently broke and I had to buy a new one. I bought the new one today and took the hard drive from the old one and put it in the new one. When I start up the ps4 I have to install the firmware so i put the firmware on a usb and plug it in. Here is where the problem is. When I click install, a message comes on screen telling me something along the lines of "The ps4 will be initialized. All users and data will be lost. Are you sure you want to continue?". Does this mean that by installing the firmware I will lose all my installed games, save files etc.? Do any of you know a way around this? There is around 700GB of data on my ps4 hard drive and I do not have a hard drive big enough to back all that up. Thanks.