Second Quarter 2024 Earnings Teleconference July 30, 2024 Breakthroughs that change patients' lives ® Introduction Francesca DeMartino Chief Investor Relations Officer, Senior Vice President Forward-Looking Statements and Non-GAAP Financial Information l Our discussions during this conference call will include forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We include f ...

Pfizer Inc. (NYSE:PFE) Q2 2024 Earnings Conference Call July 30, 2024 10:30 AM ET Company Participants Francesca DeMartino – Chief Investor Relations Officer and Senior Vice President Albert Bourla – Chairman and Chief Executive Officer Dave Denton – Chief Financial Officer Chris Boshoff – Executive Vice President and Chief Oncology Officer Alexandre de Germay – Executive Vice President and Chief International Commercial Officer Mikael Dolsten – Chief Scientific Officer and President of Research & Developme ...

Like many things on Wall Street, technical analysis is widely misunderstood. Many analysts try to identify chart patterns without understanding the psychology and price action that creates them. This is unfortunate because if applied correctly, the analysis can generate profits.The chart of Pfizer Inc. PFE offers some important lessons. That's why we have named it our Stock of the Day.A common principle in technical analysis is that some price levels have more importance than others. These are called suppor ...

Pfizer (PFE) reported second-quarter 2024 adjusted earnings per share of 60 cents, which comfortably beat the Zacks Consensus Estimate of 45 cents per share. Earnings declined 11% year over year due to lower revenues.Revenues came in at $13.28 billion, up 2% from the year-ago quarter on a reported basis, reflecting an operational increase of 3% and a negative currency impact of 1%. Total revenues beat the Zacks Consensus Estimate of $13.13 billion.Higher sales of Pfizer’s key non-COVID products like Vyndaqe ...

Pfizer (PFE) came out with quarterly earnings of $0.60 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this drugmaker would post earnings of $0.56 per share when it actually produced earnings of $0.82, delivering a surprise of 46.43%.Over the last four quarters, the company has surp ...

Financial Guidance and Performance - Pfizer raised its full-year 2024 revenue guidance to a range of $59.5 to $62.5 billion and adjusted diluted EPS guidance to a range of $2.45 to $2.65[1]. - The company anticipates full-year 2024 operational revenue growth of 9% to 11% compared to 2023, up from the previous estimate of 8% to 10%[9]. - Financial guidance for full-year 2024 anticipates an unfavorable impact of approximately $0.6 billion on revenues due to changes in foreign exchange rates[30]. - Adjusted diluted EPS guidance assumes approximately 5.7 billion diluted weighted-average shares outstanding, with no share repurchases in 2024[31]. - The company does not provide guidance for GAAP Reported financial measures other than revenues due to uncertainties in predicting unusual gains and losses[29]. Revenue and Earnings - Total revenues for Q2 2024 were $13.283 billion, a 2% increase from $13.007 billion in Q2 2023[37]. - Product revenues for the first six months of 2024 decreased by 14% to $23.314 billion compared to $26.988 billion in the same period of 2023[37]. - Net income attributable to Pfizer Inc. common shareholders for Q2 2024 was $41 million, a 98% decrease from $2.327 billion in Q2 2023[37]. - Earnings per share (EPS) for Q2 2024 were $0.01, down 99% from $0.41 in Q2 2023[37]. - Adjusted income for Q2 2024 was $2.768 billion, with adjusted diluted EPS at $0.60, compared to GAAP reported net income of $41 million[48]. Cost Management and Savings - The company is on track to deliver at least $4 billion in net cost savings by the end of 2024 from its cost realignment program[1]. - Pfizer announced the launch of a multi-year Manufacturing Optimization Program aimed at reducing the cost of goods sold, with expected savings of approximately $1.5 billion by the end of 2027[27]. - The one-time costs to achieve the savings from the first phase of the Manufacturing Optimization Program are expected to be around $1.7 billion, primarily recorded in 2024[27]. Research and Development - Pfizer's adjusted R&D expenses for 2024 are projected to be between $11.0 billion and $12.0 billion, with a focus on developing medicines acquired from Seagen[10][11]. - Pfizer invested $5.2 billion in internal R&D projects and returned $4.8 billion to shareholders through cash dividends in the first half of 2024[11]. - Positive topline results were reported from the Phase 3 AFFINE study for giroctocogene fitelparvovec, demonstrating non-inferiority and superiority in annualized bleeding rates compared to routine Factor VIII prophylaxis[25]. - The Phase 3 study for fordadistrogene movaparvovec did not meet its primary endpoint of improving motor function in patients with Duchenne muscular dystrophy[25]. Product Performance - Comirnaty revenues declined by 87% operationally to $195 million, while Paxlovid revenues increased by 79% operationally to $251 million[1][13]. - The Oncology portfolio showed strong growth, with legacy Seagen products contributing $845 million in global revenues[1][14]. - The Prevnar family, including Prevnar 20 and Prevnar 13, contributed significantly to revenues, reflecting ongoing demand in both pediatric and adult markets[55]. - Paxlovid generated $251 million in revenue, a significant increase compared to the previous year[53]. Tax and Financial Adjustments - The effective tax rate on adjusted income is expected to be approximately 13.0%, down from 15.0%[10]. - The effective tax rate on Adjusted Income rose to 12.9% in Q2 2024 from 6.8% in Q2 2023, influenced by the non-recurrence of tax benefits from previous years[19]. - The effective tax rate for continuing operations was 130.2% in Q2 2024, up from 3.1% in Q2 2023, primarily due to the nonrecurrence of tax benefits from previous global income tax resolutions[43]. Leadership and Strategic Changes - Pfizer is in the process of identifying a successor for Dr. Mikael Dolsten, who will depart after a 15+ year career, while continuing to assist in the transition[26]. - Andrew Baum, M.D., has been appointed as Chief Strategy and Innovation Officer, effective June 3, 2024, to oversee Pfizer's long-term corporate strategic plan[26]. Market and Competitive Landscape - The company anticipates an immaterial impact in fiscal-year 2024 from recent and expected generic and biosimilar competition for certain products[30]. - Pfizer faces risks from competition, supply chain disruptions, and regulatory changes that could affect pricing and access to its products[59]. - The company anticipates ongoing impacts from COVID-19 on its business, particularly regarding the demand for Comirnaty and Paxlovid, which may lead to reduced revenues and inventory write-offs[58].

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Pfizer Inc. PFE is scheduled to release its financial results for the second quarter, before the opening bell on Tuesday.Analysts expect the New York-based company to report quarterly earnings at 46 cents per share, down from 67 cents per share in the year-ago period. Pfizer expects to post revenue of $13.02 billion, compared to $12.73 billion a year earlier, according to data from Benzinga Pro.On July 25, Pfizer announced that the European Commission approved a conditional marketing authorization for DURVE ...

One market in particular is too lucrative for it to miss out on any longer.Despite its impressive performance in 2020 and 2021, it's no secret that Pfizer (PFE 3.39%) is in the process of reinventing itself. Without much of the windfall from its coronavirus products propping up the top line, it may be years until revenue can top its recent peak.But that just means the company has an incentive to make big plays and take big risks to delight its shareholders. On that front, here's my prediction for what its n ...

georgeclerkIn this article, I will outline why I think the high yielding pharmaceutical giant Pfizer (NYSE:PFE) looks bullish. Pfizer, known for Eliquis and Xeljanz, yields 5.57% and has a dividend safety rating of B- according to Seeking Alpha. I will outline my investment thesis using technical analysis tools such as price action, volume, momentum, and relative strength. I last wrote about PFE being bullish back in April 2021. Pfizer has since risen and then sold off considerably, so now I will take a ...