Emergency Use Authorizations (EUA) and Regulatory Updates - Comirnaty (COVID-19 Vaccine, mRNA) 2023-2024 Formula has been authorized for emergency use by the FDA under an EUA for individuals aged 6 months through 11 years[7] - Paxlovid has been authorized for emergency use by the FDA under an EUA for the treatment of mild-to-moderate COVID-19 in pediatric patients aged 12 years and older weighing at least 40 kg[7] - The emergency use authorization for Comirnaty and Paxlovid is contingent on the COVID-19 pandemic declaration under Section 564(b)(1) of the U.S. Federal Food, Drug and Cosmetics Act[7] - Clinical trial data discussed in the Form 10-Q are subject to differing interpretations and regulatory authorities may require additional data or deny approval[7] Financial Performance and Revenues - Total revenues for the three months ended June 30, 2024, were $13.283 billion, compared to $13.007 billion for the same period in 2023, representing a 2.1% increase[10] - Product revenues for the six months ended June 30, 2024, were $23.314 billion, down 13.6% from $26.988 billion in the same period in 2023[10] - Total revenues for Q2 2024 were $13.283 billion, compared to $13.007 billion in Q2 2023[131] - Total revenues for the six months ended June 30, 2024, were $28.162 billion, an 11% decrease compared to $31.492 billion in the same period in 2023[133] - Revenues from the U.S. government comprised 7% and 9% of total revenues for the six months ended June 30, 2024, and July 2, 2023, respectively[134] - Paxlovid recorded revenues of $251 million for the three months ended June 30, 2024, compared to $143 million in the same period in 2023[135] - Comirnaty recorded revenues of $195 million for the three months ended June 30, 2024, a significant decrease from $1.488 billion in the same period in 2023[135] - Oncology revenues for the three months ended June 30, 2024, were $3.956 billion, a 26% increase compared to $3.149 billion in the same period in 2023[138] - Ibrance recorded revenues of $1.130 billion for the three months ended June 30, 2024, a 9% decrease compared to $1.247 billion in the same period in 2023[138] - Xtandi recorded revenues of $495 million for the three months ended June 30, 2024, a 17% increase compared to $423 million in the same period in 2023[138] Research and Development (R&D) and Expenses - Research and development expenses for the six months ended June 30, 2024, were $5.189 billion, slightly up from $5.153 billion in the same period in 2023[10] - Selling, informational, and administrative expenses for the six months ended June 30, 2024, were $7.212 billion, up 4.3% from $6.914 billion in the same period in 2023[10] - Restructuring charges and certain acquisition-related costs for the six months ended June 30, 2024, were $1.356 billion, significantly higher than $222 million in the same period in 2023[10] - The company recorded a $240 million intangible asset impairment charge in Q2 2024 related to a Phase 3 study for DMD treatment in the Biopharma segment[41] Net Income and Comprehensive Income - Net income attributable to Pfizer Inc. common shareholders for the six months ended June 30, 2024, was $3.156 billion, a 59.9% decrease from $7.870 billion in the same period in 2023[10] - Comprehensive income attributable to Pfizer Inc. for the six months ended June 30, 2024, was $3.302 billion, down 59.2% from $8.072 billion in the same period in 2023[12] - Net income for Q2 2024 was $41 million, compared to $2,327 million in Q2 2023, reflecting a significant decline[15] - Total earnings for Q2 2024 were a loss of $103 million, compared to a gain of $2.269 billion in Q2 2023[131] - Total earnings for the first six months of 2024 were $3.318 billion, compared to $8.539 billion in the same period of 2023[131] Cash Flow and Financial Position - Cash and cash equivalents decreased to $1.052 billion as of June 30, 2024, from $2.853 billion as of December 31, 2023[13] - Net cash used in operating activities was $691 million for the six months ended June 2024, compared to $4 million provided in the same period in 2023[17] - Net cash provided by investing activities was $6,332 million for the six months ended June 2024, compared to $22,170 million used in the same period in 2023[17] - Net cash used in financing activities was $7,390 million for the six months ended June 2024, compared to $24,403 million provided in the same period in 2023[17] - Short-term investments increased to $6,048 million as of June 30, 2024, compared to $9,837 million as of December 31, 2023[57] - Long-term investments decreased to $3,119 million as of June 30, 2024, from $3,731 million as of December 31, 2023[57] - Equity-method investments decreased to $8,029 million as of June 30, 2024, from $11,637 million as of December 31, 2023[57] - Total assets decreased to $9,322 million as of June 30, 2024, from $13,943 million as of December 31, 2023[53] - Total liabilities decreased to $1,228 million as of June 30, 2024, from $1,420 million as of December 31, 2023[53] Debt and Equity - Long-term debt decreased to $57.506 billion as of June 30, 2024, from $61.538 billion as of December 31, 2023[13] - Total equity decreased from $92,558 million at the end of March 2024 to $87,975 million by June 30, 2024[15] - Retained earnings dropped from $121,318 million at the end of March 2024 to $116,596 million by June 30, 2024[15] - Share-based payment transactions contributed $196 million to equity in Q2 2024, compared to $164 million in Q2 2023[15] - Other comprehensive loss for Q2 2024 was $58 million, compared to a gain of $187 million in Q2 2023[15] - Total shareholders' equity decreased from $92,282 million at the end of March 2024 to $87,700 million by June 30, 2024[15] - Noncontrolling interests remained relatively stable at $275 million by June 30, 2024, compared to $276 million at the end of March 2024[15] - Accumulated other comprehensive loss increased from $7,758 million at the end of March 2024 to $7,816 million by June 30, 2024[15] - Treasury stock cost remained nearly unchanged at $114,757 million by June 30, 2024, compared to $114,755 million at the end of March 2024[15] Acquisitions and Investments - The company acquired Seagen for $44.2 billion ($43.4 billion, net of cash acquired) on December 14, 2023, with provisional amounts recognized for assets acquired and liabilities assumed[24] - Identifiable intangible assets, excluding in-process research and development, were $7,395 million as of the acquisition date, adjusted from $7,970 million[26] - In-process research and development was $20,750 million as of the acquisition date, adjusted from $20,800 million[26] - Goodwill was $16,803 million as of the acquisition date, adjusted from $16,126 million[26] - Total identifiable net assets were $27,431 million as of the acquisition date, adjusted from $28,108 million[26] - Pfizer sold 30% of its investment in Haleon for $3.5 billion, recognizing a gain of $150 million in Q1 2024, reducing its ownership to 23%[29] - The fair value of Pfizer's investment in Haleon as of June 30, 2024, was $8.4 billion[29] Litigation and Legal Matters - The company is involved in patent litigation, including challenges to the validity and coverage of patents on various products, processes, or dosage forms[88] - Adverse outcomes in patent litigation could result in loss of patent protection, significant revenue loss, or impairment of associated assets[88] - The company is subject to product liability and other product-related litigation, including personal injury, consumer, off-label promotion, securities, antitrust, and breach of contract claims[88] - Xeljanz (tofacitinib) patent-infringement actions against generic manufacturers, including Sinotherapeutics and Biocon, for 5 mg, 10 mg, 11 mg, and 22 mg dosage strengths[90] - Mektovi (binimetinib) patent-infringement actions against generic companies, including Teva, for method of use patents expiring in 2030, 2031, and 2033[91][93] - Vyndaqel-Vyndamax (tafamidis/tafamidis meglumine) patent-infringement actions against generic companies for 61 mg and 20 mg capsules[94] - Oxbryta (voxelotor) patent-infringement actions against Zydus and MSN for 300 mg and 500 mg tablets[95] - Nurtec (rimegepant) patent-infringement actions against multiple generic companies for 75 mg orally disintegrating tablets[96] - Comirnaty patent-infringement lawsuits filed by Alnylam, Moderna, Arbutus, and GlaxoSmithKline in multiple jurisdictions[97][98] - Paxlovid patent-infringement lawsuit filed by Enanta Pharmaceuticals for the active ingredient nirmatrelvir[99] - Abrysvo patent-infringement lawsuit filed by GlaxoSmithKline for the active ingredient in the RSV vaccine[100] - Comirnaty declaratory judgment actions and counterclaims involving CureVac in the U.S. and U.K.[101] - Effexor XR antitrust litigation settled in April 2024, involving claims of delayed generic launch and price overcharges[105] - Pfizer and Ranbaxy reached agreements to settle Lipitor-related litigation in April 2024, with certain settlements subject to court approval[106] - Pfizer settled EpiPen litigation in October 2023 on terms not material to the company, with court approval granted in July 2024[107] - Pfizer and Hospira face lawsuits related to Docetaxel, with the Mississippi Attorney General voluntarily dismissing a case in June 2024[110] - Pfizer has settled or entered into agreements to settle a substantial majority of Zantac-related state court cases as of July 2024[111] - Pfizer faces class actions related to Chantix recall, with federal cases consolidated in an MDL in December 2022[112] - New Monsanto continues to defend and indemnify Pharmacia for liabilities related to Former Monsanto's chemical businesses[114] - Pfizer assumed environmental remediation responsibilities at the Bound Brook facility following the 2009 Wyeth acquisition[115] - The U.S. Supreme Court granted certiorari in June 2024, vacating a Court of Appeals decision related to Pfizer's contracts with the Iraqi Ministry of Health[116] - Pfizer and BioNTech initiated proceedings against Poland, Romania, and Hungary in 2023 over COVID-19 vaccine order commitments[120] Segment Performance - Biopharma segment revenues for Q2 2024 were $12.991 billion, compared to $12.690 billion in Q2 2023[131] - Biopharma segment earnings for Q2 2024 were $5.897 billion, compared to $5.042 billion in Q2 2023[131] - Biopharma segment revenues for the first six months of 2024 were $27.595 billion, compared to $30.863 billion in the same period of 2023[131] - Biopharma segment earnings for the first six months of 2024 were $13.519 billion, compared to $14.559 billion in the same period of 2023[131] - Biopharma's earnings in Q2 2024 included a $74 million dividend income from the investment in ViiV, compared to $91 million in Q2 2023[130] Deferred Revenues and Contractual Obligations - Deferred revenues related to Paxlovid and Comirnaty totaled $4.3 billion as of June 30, 2024, with $2.5 billion in current liabilities and $1.8 billion in noncurrent liabilities[140] - Deferred revenues related to Paxlovid and Comirnaty decreased by $771 million in the first six months of 2024 due to a favorable final adjustment recorded in Q1 2024[140] - Revenue recognized from Paxlovid and Comirnaty deferred revenues was approximately $200 million in Q2 2024 and $1.2 billion in the first six months of 2024[140] - The $4.3 billion deferred revenues as of June 30, 2024, will be recognized in Product revenues proportionately as control of the products is transferred to customers[140] - Amounts in current liabilities ($2.5 billion) are expected to be recognized in Product revenues within the next 12 months[140] - Amounts in noncurrent liabilities ($1.8 billion) are expected to be recognized in Product revenues from 2025 through 2028[140] - Deferred revenues related to Paxlovid and Comirnaty totaled $5.1 billion as of December 31, 2023, with $2.6 billion in current liabilities and $2.5 billion in noncurrent liabilities[140] - The decrease in deferred revenues was partially offset by additional advance payments received in the first six months of 2024 as amended contracts were entered into[140] - Deferred revenues associated with contracts for other products were not significant as of June 30, 2024, or December 31, 2023[140] Tax and Repatriation - Pfizer's effective tax rate for Q2 2024 was 130.2%, a significant increase from (3.1)% in Q2 2023, primarily due to nonrecurrence of tax benefits[44] - The company paid $15 billion in repatriation tax liability over eight years, with the sixth installment paid by April 15, 2024, and the seventh due by April 15, 2025[45] - Pfizer's cash paid for income taxes in 2023 was $3.1 billion, with $1.9 billion paid in the U.S.[45] - The company recognized a $150 million gain on the partial sale of its investment in Haleon and $135 million in dividend income from ViiV in the first six months of 2024[41] - Pfizer's accumulated other comprehensive loss decreased to $7.816 billion as of June 30, 2024, from $7.961 billion at the end of 2023[50] - The company's tax provision on other comprehensive income was $22 million for Q2 2024, compared to $9 million in Q2 2023[47] Pension and Postretirement Plans - Net periodic benefit cost/(credit) for U.S. Pension Plans was $(69) million for the three months ended June 30, 2024, compared to $(37) million for the same period in 2023[83] - Net periodic benefit cost/(credit) for International Pension Plans was $23 million for the three months ended June 30, 2024, compared to $18 million for the same period in 2023[83] - Net periodic benefit cost/(credit) for Postretirement Plans was $(33) million for the three months ended June 30, 2024, compared to $(39) million for the same period in 2023[83] - The company contributed $83 million to U.S. Pension Plans and $98 million to International Pension Plans from general assets for the six months ended June 30, 2024[83] Derivative and Hedging Activities - The notional amount of outstanding foreign exchange contracts hedging intercompany forecasted inventory sales was $5.6 billion as of June 30, 2024, up from $4.9 billion as of December 31, 2023[67] - Derivative financial instruments designated as hedging instruments included foreign exchange contracts with a notional amount of $22,740 million and interest rate contracts with a notional amount of $6,750 million as of June 30, 2024[67] - Foreign exchange contracts not designated as hedging instruments had a notional amount of $22,055 million as of June 30, 2024, with a fair value asset of $97 million and a liability of $116 million[67] - Interest rate contracts in cash flow hedge relationships showed no gains or losses recognized in OID for the three months ended June 30, 2024[70] - Foreign exchange contracts in cash flow hedge relationships recognized gains of $117 million in OID for the three months ended June 30, 2024[70] - Interest rate contracts in fair value hedge relationships showed a loss of $36 million recognized in OID for the three months ended June 30, 2024[70] - Foreign exchange contracts in net investment hedge relationships recognized gains of $81 million in OID for the three months ended June 30, 2024[70] - Non-derivative financial instruments in net investment hedge relationships recognized gains of $31 million in OID for the three months ended June 30, 2024[70] - Net gain reclassified from OCI into COS: $38 million in Q2 2024, $70 million in the first six months of 2024, $55 million in Q2 2023, and $146 million in the first six months of 2023[71] - Expected pretax gain reclassification from OCI into income within the next

Lilly's revenue gains have helped its stock to roar higher.Eli Lilly (LLY -3.36%) stock has soared by double digits over the past year -- and for good reason. The pharma giant sells two of the most sought-after drugs today, weight loss treatments Mounjaro and Zepbound. Together, these drugs are adding billions of dollars to the company's top line, helping Lilly report double-digit gains in quarterly revenue.Today Eli Lilly shares the market with rival Novo Nordisk, which sells two weight loss drugs that wor ...

Pfizer (PFE) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.The upward trend in estimate revisions for this drugmaker reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near ...

Investors interested in stocks from the Large Cap Pharmaceuticals sector have probably already heard of Pfizer (PFE) and Novo Nordisk (NVO) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores h ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and ...

Dividends are regular payments made by companies to their shareholders from their profits. They represent a way for companies to share their success with investors. Dividend stocks are shares of companies that consistently pay dividends. These stocks are often associated with mature, stable companies with reliable cash flows. Investors can receive dividends as cash or reinvest them to buy more shares.Investing in dividend stocks can offer several advantages. They provide a steady income stream, which is par ...

Pfizer's efforts are starting to bear fruit.Pfizer (PFE 0.36%) is one of the most successful pharmaceutical companies ever. In 2022, it brought in more than $100 billion in revenue -- a record for itself and for the entire industry. Of course, a lot of this was due to an unprecedented situation -- the COVID-19 pandemic -- and two products to address it: Pfizer's coronavirus vaccine and treatment.As demand for these treatments dropped in later pandemic times, though, it was clear Pfizer needed a new growth d ...

no_limit_pictures My Thesis Update I initiated coverage on Pfizer (NYSE:PFE) stock with a "Buy" rating, stating that the company's low valuation and strong product pipeline make it the ultimate buying opportunity for income investors in the healthcare sector. In early May, I updated my thesis, noting that the market started to finally wake up on PFE's prospects of continued growth from non-COVID drugs and potential margin expansion. Back in May, I anticipated that PFE's dividend stability, recent revenu ...

This big pharma stock gives investors juicy and reliable dividends plus the potential for future growth.Pfizer (PFE -2.71%) has been a nightmare for many investors in recent years. At one point earlier this year, the big pharma stock was nearly 60% below its peak set in late 2021.However, the narrative for Pfizer appears to be changing. Its shares are up a respectable 9% year to date. The company reported better-than-expected second-quarter results on Tuesday. I think this Q2 update is much more important t ...

On Tuesday, Pfizer Inc. PFE reported second-quarter adjusted EPS of $0.60, down 11% year over year, beating the consensus of $0.46.The U.S. drugmaker reported sales of $13.28 billion, up 2% year-over-year (up 3% operationally), beating the consensus of $13.02 billion.Truist Securities sees the strong demand growth as highly encouraging and, at current levels, Pfizer shares are very attractive given the company’s diverse portfolio that is gaining momentum, effective cost-cutting initiatives, and a commitment ...