Financial Data and Key Metrics Changes - Total company revenues for Q1 2024 were $14.9 billion, reflecting an operational decline of $3.5 billion or 19% compared to the previous year, primarily due to a declining COVID environment [21][20] - Adjusted gross margin improved by 530 basis points to 79.6% compared to Q1 of last year, driven by lower sales volume of Comirnaty, a product return adjustment for Paxlovid, and strong cost management [22][23] - Adjusted diluted EPS was $0.82, exceeding expectations due to favorable gross margin performance and strong cost management [24] Business Line Data and Key Metrics Changes - Oncology revenues grew 19% operationally year-over-year, driven by the acquisition of products from Seagen and strong launches of Padcev and Xtandi [10][11] - Vyndaqel and Eliquis contributed positively to revenue growth, while Ibrance and Sulperazon saw lower demand, particularly in China [21][22] - Abrysvo showed potential for significant market expansion, with positive results from the Phase 3 MONeT trial for RSV vaccine in adults [13][16] Market Data and Key Metrics Changes - The company reached over 119 million patients with its medicines and vaccines in the first quarter [8] - The adult vaccine market is contracting due to fewer eligible adults aged 65 and older, impacting overall market dynamics [116] - The pediatric segment saw a significant increase in market share, with Prevnar achieving 80% share following the launch of PCV 15 [116][120] Company Strategy and Development Direction - The company is focused on five strategic priorities: achieving world-class oncology leadership, delivering pipeline innovation, maximizing new product performance, expanding margins, and enhancing shareholder value [8][18] - The goal is to double the number of patients treated with innovative cancer medicines by 2030 and increase the number of blockbuster medicines in the portfolio [11] - The company is committed to de-levering its capital structure while maintaining and growing its dividend over time [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2024, highlighting strong execution in commercial operations and a focus on protecting and growing core brands [18][20] - The company raised its adjusted EPS guidance for 2024 by $0.10, reflecting confidence in operational strength and cost savings [28][29] - Management acknowledged the challenges posed by the declining COVID environment but emphasized the ongoing significance of COVID products to revenue and cash flow [21][20] Other Important Information - The company recorded a favorable product return adjustment for Paxlovid, contributing $0.11 to earnings per share [25] - The integration of Seagen is expected to enhance commercial leverage and drive growth in oncology products [90][92] - The company is exploring opportunities in the obesity market, with multiple agents in clinical trials [138] Q&A Session Summary Question: What drove the downtick in RSV vaccine sales? - Management noted that the RSV vaccination market follows a seasonal trend, with a peak in January followed by a decline [33][34] Question: Any potential impact from the Part D redesign in 2025? - Management indicated that there are many moving parts to the Part D redesign, with no specific guidance on direct dollar impact at this time [40][42] Question: Update on patent life for tafamidis? - Management clarified that Vyndaqel and Vyndamax currently have U.S. patent exclusivity through the end of this year, with potential extensions being pursued [51][68] Question: Expectations for gross margin for the full year? - Management expects gross margin to remain above 70% for the year, with fluctuations primarily due to product mix [110][111] Question: Update on Abrysvo contracting efforts? - Management stated that contracting conversations for Abrysvo are progressing, with more updates expected later [126][127] Question: Upcoming pipeline readouts that excite management? - Management highlighted potential approvals for Marstacimab and DMD gene therapy as significant upcoming events [133][134]

Key TakeawaysPfizer's stock rose Wednesday after first-quarter revenue and earnings fell less than expected.Revenue for Pfizer from non-COVID-related products offset some of the waning demand for vaccines and treatments against the virus.The company affirmed its revenue guidance for the year and boosted its profit outlook after committing to savings measures that could yield about $4 billion. Pfizer (PFE) shares rose Wednesday after first-quarter earnings and revenue fell less than expected, with the declin ...

Pfizer (PFE) reported first-quarter 2024 adjusted earnings per share of 82 cents, which comfortably beat the Zacks Consensus Estimate of 56 cents per share. Earnings declined 33% year over year due to lower revenues.Revenues came in at $14.88 billion, down 20% from the year-ago quarter on a reported basis, reflecting an operational decline of 19% and a negative currency impact of 1%. Total revenues however beat the Zacks Consensus Estimate of $13.86 billion.The revenue decline, as expected, was due to a ste ...

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 ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

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 ...