Pfizer Inc. (PFE) Full-Year 2025 Financial Guidance Conference Call (Transcript)

Company and Industry Overview * Company: Pfizer Inc. (NYSE:PFE) * Industry: Pharmaceuticals, Biotechnology Key Points and Arguments 1. 2024 Financial Guidance Reaffirmed: Pfizer reaffirmed its full-year 2024 financial guidance, expecting revenues in the range of $61 billion to$64 billion and adjusted diluted earnings per share in the range of $2.75 to$2.95 [16]. 2. 2025 Financial Guidance: Pfizer provided guidance for 2025, anticipating revenues in the range of $61 billion to$64 billion and adjusted diluted earnings per share in the range of $2.80 to$3.00 per share [19]. 3. Revenue Growth: Pfizer expects operational revenue growth of approximately flat to up 5% in 2025, driven by the growth of its oncology and non-COVID vaccine products [19]. 4. Adjusted Diluted Earnings Per Share Growth: Pfizer expects adjusted diluted earnings per share to grow operationally by approximately 10% to 18% in 2025, reflecting an operating margin expansion of over 250 basis points versus 2024 [19]. 5. COVID-19 Products: Pfizer expects its COVID-19 products, Comirnaty and Paxlovid, to contribute to stable revenue in 2025, with both maintaining their market shares with stable pricing [20]. 6. Oncology: Pfizer expects its oncology products, such as Padcev, Lorbrena, and Ibrance, to contribute significantly to growth in the later part of the decade [24]. 7. Non-COVID Vaccine Products: Pfizer expects its non-COVID vaccine products, such as Abrysvo and Prevnar, to remain key contributors to its business [22]. 8. Cost Reduction: Pfizer achieved its goal of $4 billion in net cost savings by the end of 2024 and expects an additional$500 million in net cost savings in 2025 [11]. 9. Capital Allocation: Pfizer remains committed to maintaining and growing its dividend, investing in its business, and de-leveraging its balance sheet [31]. Other Important Content * Seagen Acquisition: Pfizer highlighted the successful integration of Seagen and the positive impact of the acquisition on its oncology portfolio [8]. * Pipeline: Pfizer discussed its robust pipeline, including several Phase 3 studies and potential new products in various therapeutic areas [9]. * R&D Leadership: Pfizer announced the appointment of Dr. Chris Boshoff as its Chief Scientific Officer and President of R&D [9]. * Capital Return: Pfizer plans to continue monetizing its stake in Haleon over time, considering its cash flow requirements and future market conditions [31]. * Drug Pricing: Pfizer discussed the impact of the IRA Medicare Part D redesign on its revenue and its commitment to transparency and passing savings to patients [53].