辉瑞Q3营收同比下降6%超预期，非新冠业务成亮点，公司上调全年盈利预期

Core Viewpoint - Pfizer's Q3 revenue decreased by 6% year-over-year to $16.65 billion, primarily due to a decline in demand for COVID-19 products, but the company raised its full-year earnings guidance due to growth in non-COVID business segments [1][3][5]. Financial Performance - Q3 revenue was $16.65 billion, down from $17.7 billion in the same quarter last year, with an operational decline of 7% [5][6]. - Net income for Q3 was $3.54 billion, a 21% decrease year-over-year, while adjusted net income was $4.95 billion, down 18% [5][6]. - Adjusted diluted EPS was $0.87, an 18% increase compared to the previous year, exceeding market expectations [5][6]. Business Segmentation - Global Biopharmaceuticals (Biopharma) revenue for Q3 was $16.31 billion, a 6% decline year-over-year [7]. - Pfizer CentreOne (PC1) revenue grew by 21% to $344 million [7]. - Pfizer Ignite revenue nearly vanished, dropping 99% year-over-year [7]. Guidance and Cost Management - The company maintained its full-year revenue guidance at $61 billion to $64 billion, while raising the adjusted diluted EPS forecast to $3.00-$3.15 from $2.90-$3.10 [8]. - Pfizer aims to achieve approximately $7.2 billion in net cost savings by the end of 2027 through previously announced cost improvement plans [9]. Market Dynamics - The decline in performance was mainly attributed to a significant drop in sales of COVID-related products, with Paxlovid's revenue down 55% and Comirnaty's down 20% [11]. - Non-COVID product revenue showed resilience, with a 4% operational growth driven by key products [12]. Strategic Developments - Pfizer announced a historic agreement with the Trump administration to ensure U.S. patients receive drug prices comparable to other developed countries, in exchange for tariff exemptions [12]. - The company faces challenges in the lucrative weight-loss drug market, having filed lawsuits against competitors regarding a key acquisition [12]. Product Performance - Sales of the anticoagulant drug Eliquis grew by 22% due to increased global demand and net pricing advantages in the U.S. [13]. - Rare disease drug Vyndaqel series saw a 7% operational growth, benefiting from ongoing promotion in the U.S. and other developed markets [13]. - Migraine medication Nurtec ODT/Vydura experienced a 22% operational growth, driven by strong demand in the U.S. and recent international market entries [13].