Pfizer (PFE) reported $14.88 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 18.6%. EPS of $0.82 for the same period compares to $1.23 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $13.86 billion, representing a surprise of +7.37%. The company delivered an EPS surprise of +46.43%, with the consensus EPS estimate being $0.56.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how th ...

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Revenue Performance and Guidance - First-quarter 2024 revenues totaled $14.9 billion, a 20% decrease year-over-year, primarily due to a 19% operational decline driven by lower Comirnaty and Paxlovid revenues[1][13] - Excluding Comirnaty and Paxlovid, revenues grew 11% operationally to $12.5 billion, driven by strong performance in non-COVID products[1][13] - Pfizer raised its 2024 Adjusted diluted EPS guidance to $2.15-$2.35, while maintaining full-year revenue guidance of $58.5-$61.5 billion[9][10] - The company expects $8 billion in revenues from Comirnaty ($5 billion) and Paxlovid ($3 billion) in 2024, with 90% of Comirnaty sales anticipated in the second half[9] - Q1 2024 total revenues decreased by 20% to $14.879 billion compared to $18.486 billion in Q1 2023[35] - Product revenues in Q1 2024 declined by 23% to $12.443 billion from $16.221 billion in Q1 2023[35] - Royalty revenues increased by 29% to $263 million in Q1 2024 compared to $204 million in Q1 2023[35] - Total revenues for 2024 were $14,879 million, a 20% decrease from 2023's $18,486 million[51] - Global Biopharmaceuticals business revenue for 2024 was $14,604 million, down 20% from 2023's $18,173 million[51] - Primary Care revenue for 2024 was $7,211 million, a 38% decrease from 2023's $11,560 million[51] - Eliquis revenue for 2024 was $2,040 million, a 9% increase from 2023's $1,874 million[51] - Prevnar family revenue for 2024 was $1,691 million, a 6% increase from 2023's $1,602 million[51] - Comirnaty revenue for 2024 was $354 million, an 88% decrease from 2023's $3,064 million[51] - Vyndaqel family revenue for 2024 was $1,137 million, a 66% increase from 2023's $686 million[51] - Oncology revenue for 2024 was $3,549 million, an 18% increase from 2023's $2,997 million[51] - Ibrance revenue for 2024 was $1,054 million, an 8% decrease from 2023's $1,144 million[51] - Total Alliance revenues for 2024 were $2,172 million, a 5% increase from 2023's $2,060 million[51] COVID-19 Product Performance - Comirnaty revenues declined 88% operationally to $354 million, reflecting lower demand and the transition to commercial market sales[13] - Paxlovid revenues declined 50% operationally to $2.0 billion, impacted by lower contractual deliveries and demand in key markets[13] - Demand for Pfizer's COVID-19 products, including Comirnaty and Paxlovid, has declined due to the market becoming more endemic and seasonal, leading to inventory write-offs and reduced revenues[55] Non-COVID Product Performance - Vyndaqel family revenues grew 66% operationally, driven by strong uptake in the ATTR-CM indication in the U.S. and Europe[14] - Eliquis revenues grew 10% operationally, supported by market share gains in the U.S. and Europe[14] R&D and Business Development - Pfizer invested $2.5 billion in internal R&D and $100 million in business development transactions during the first quarter[12] - Pfizer anticipates eight or more potential blockbusters in Oncology by 2030, focusing on small molecules, ADCs, and bispecific antibodies[25] - Pfizer and the American Cancer Society launched a $15 million initiative to improve cancer care disparities in medically underrepresented communities[25] Cost Management and Savings - The company remains on track to deliver at least $4 billion in net cost savings by the end of 2024 through its cost realignment program[1][3] - Pfizer targets $4 billion in net cost savings compared to the midpoint of its SI&A and R&D expense guidance provided on August 1, 2023[30] - Cost of sales decreased by 31% to $3.379 billion in Q1 2024 from $4.886 billion in Q1 2023[35] Regulatory Approvals and Clinical Trials - Abrysvo demonstrated durable efficacy against RSV-associated LRTD with vaccine efficacy of ≥80% for both RSV-A and RSV-B subtypes after two seasons[21] - Beqvez eliminated bleeds in 60% of patients compared to 29% in the prophylaxis arm, with a median annualized bleeding rate (ABR) of zero after up to three years of follow-up[22] - The FDA granted full approval for Tivdak based on positive overall survival (OS) results from the Phase 3 innovaTV 301 study[22] - The European Commission granted marketing authorization for Emblaveo for treating complicated intra-abdominal infections, hospital-acquired pneumonia, and complicated urinary tract infections[22] - Prevnar 20 received EU marketing authorization for preventing invasive disease, pneumonia, and acute otitis media caused by Streptococcus pneumoniae in infants and children[22] - Velsipity was granted EU marketing authorization for treating moderately to severely active ulcerative colitis in patients aged 16 and older[22] - The FDA granted Fast Track designation for vepdegestrant in treating ER+/HER2- locally advanced or metastatic breast cancer[24] Financial Metrics and Adjustments - Q1 2024 Adjusted diluted EPS favorably impacted by $0.11 due to a $771 million final adjustment to the Paxlovid revenue reversal, reflecting 5.1 million treatment courses returned by the U.S. government versus the estimated 6.5 million[30] - Adjusted diluted EPS guidance for 2024 assumes diluted weighted-average shares outstanding of approximately 5.75 billion shares and no share repurchases[32] - Foreign exchange rates are expected to have an unfavorable impact of approximately $0.4 billion on revenues and a favorable impact of $0.02 on Adjusted diluted EPS in 2024[32] - Restructuring charges and certain acquisition-related costs totaled $102 million in Q1 2024, compared to $9 million in Q1 2023[38] - Net interest expense increased in Q1 2024 due to $31 billion in senior unsecured notes issued in May 2023 and $8 billion in commercial paper issued in Q4 2023 for the Seagen acquisition[40] - The Seagen acquisition was completed in December 2023 for $43.4 billion, leading to lower investment balances and decreased interest income[40] - Q1 2024 included a $150 million gain from the partial sale of the investment in Haleon plc and $61 million in dividend income from ViiV Healthcare[40] - Effective tax rate for Q1 2024 was 8.6%, down from 11.4% in Q1 2023, primarily due to a favorable change in the jurisdictional mix of earnings[40] - Cash paid for income taxes in 2023 was $3.1 billion, with $1.9 billion paid in the U.S.[40] - Adjusted income for Q1 2024 was $4.674 billion, compared to $7.036 billion in Q1 2023[46] - Adjusted diluted EPS for Q1 2024 was $0.82, down from $1.23 in Q1 2023[46] - Non-GAAP Adjusted Other (income)/deductions––net for Q1 2024 was $296 million, compared to $(324) million in Q1 2023[49] - Net interest expense for Q1 2024 was $664 million, up from $143 million in Q1 2023[49] - Haleon equity method (income)/loss for Q1 2024 was $(158) million, compared to $(117) million in Q1 2023[49] Risks and Challenges - Pfizer's financial guidance is based on estimates and assumptions subject to significant uncertainties, with potential risks including unfavorable clinical trial results, regulatory delays, and market competition[54] - The company's December 2023 acquisition of Seagen is expected to face challenges in integration, revenue growth, and potential financial impacts such as increased leverage or credit rating downgrades[54] - Pfizer is exposed to risks related to manufacturing disruptions, supply chain issues, and legal or regulatory actions that could impact product availability and commercial potential[55] - The company faces uncertainties related to public health outbreaks, such as COVID-19, which could affect its business operations, financial condition, and clinical trials[55] - Pfizer is navigating challenges in pricing and reimbursement, including the impact of the Inflation Reduction Act of 2022 and government-mandated price reductions in international markets[56] - Risks related to intellectual property include potential patent disputes, challenges to patent validity, and regulatory actions that could limit the enforcement of IP rights for products like Comirnaty and Paxlovid[56] - The company is addressing climate change and ESG priorities, but uncertainties remain regarding the impact of natural disasters and the ability to achieve environmental sustainability goals[56] - Pfizer is exposed to cybersecurity risks, including potential disruptions to IT systems, data breaches, and threats from adversarial artificial intelligence techniques[56] - The company is managing risks related to tax litigation, investigations, and changes in tax laws, including the potential impact of the "Tax Relief for American Families and Workers Act of 2024"[56]

Pfizer on Wednesday reported first-quarter revenue that beat expectations and hiked its full-year profit outlook, benefitting from its broad cost-cutting program and strong sales of its non-Covid products.The company now expects to book adjusted earnings of $2.15 to $2.35 per share for the fiscal year, up from its prior guidance of $2.05 to $2.25 per share.Pfizer reiterated its previous revenue forecast of $58.5 billion and $61.5 billion, which it first outlined in mid-December. Here's what Pfizer reported ...

ToplinePfizer comfortably beat expectations in its quarterly earnings report Wednesday morning, as the American pharmaceutical giant attempts to regain its footing as the COVID-19 pandemic subsides. Pfizer CEO Albert Bourla is navigating his company through a trying time.POOL/AFP via Getty Images Key FactsPfizer’s $0.55 diluted earnings per share and $14.9 billion in first-quarter sales smashed respective forecasts of $0.51 and $13.87 billion, according to average analyst estimates. With Pfizer’s top line ...

Pfizer Inc. (NYSE: PFE) has announced its financial outcomes for the first quarter of 2024, displaying strong performance in its non-COVID product portfolio.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.This includes heightened revenues from recent commercial launches and acquired products, alongside a consistent growth in key in-line brands. Despite a decrease in pandemic-related revenues, the company has raised its Adjusted diluted EPS guidance fo ...

The sun could be peeking through the dark clouds for Pfizer.I owned shares of Pfizer (PFE 0.95%) when the COVID-19 pandemic started. Watching the stock soar over 60% in roughly two years was fun. Seeing Pfizer's share price fall nearly 60% from its peak wasn't so fun.Have I been tempted to sell during this major decline? Nope. Instead, I'm buying this beaten-down, high-yield dividend stock hand over fist.Through the dark cloudsIt's understandable why Pfizer stock has fallen so much. The drugmaker has faced ...

Pfizer (PFE) will report first-quarter 2024 results on May 1, before market open.The Zacks Consensus Estimate for the drug giant’s first-quarter revenues stands at $13.86 billion, while the same for earnings per share is pegged at 56 cents, both indicating significant declines from the year-ago quarter.Pfizer’s top-line numbers in the first quarter of 2024 will include revenues from the acquisition of Seagen, which closed in mid-December 2023. The acquisition added Seagen’s antibody-drug conjugates or ADCs ...

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GERMANY - 2024/02/16: In this photo illustration, a Pfizer, Inc. logo seen displayed on a tablet. ... [+] (Photo Illustration by Igor Golovnov/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesPfizer (NYSE: PFE) is scheduled to report its Q1 2024 results on Wednesday, May 1. We expect the company to post revenue of $13.8 billion and earnings of $0.50 on a per share and adjusted basis. The company is likely to see a continued decline in sales due to lower demand for its Covid-1 ...