Pfizer Q1 Report 2024

Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “We delivered strong performance in our nonCOVID product portfolio in the first quarter of 2024, including increased revenue from several of our recent commercial launches and acquired products, as well as robust year-over-year growth for several key in-line brands, namely the Vyndaqel family, Eliquis, and the Prevnar family. In addition, we had strong oncology revenue contributions from Ibrance, Xtandi, Padcev and Adcetris. Our Paxlovid revenues in the quarter indicate a successful transition into the commercial marketplace in the U.S. and a demonstrated trust in the brand. 

Highlights

  • Solid First-Quarter Results Reflect Continued Growth of Key Products and Progress in Executing 2024 Priorities
  • First-Quarter 2024 Revenues of $14.9 Billion
  • Expected Decline in Comirnaty and Paxlovid Revenues Drove a Year-Over-Year Operational Decrease in Revenues of 19%
  • Excluding Contributions from Comirnaty and Paxlovid, Revenues Grew 11% Operationally
  • First-Quarter 2024 Reported(2) Diluted EPS of $0.55 and Adjusted Diluted EPS of $0.82
  • Both Include an $0.11 Favorable Impact from Final Revenue Adjustment Reflecting Actual EUA-labeled Treatment Courses of Paxlovid Returned by U.S. Government
  • On Track to Deliver at Least $4 Billion in Net Cost Savings by End of 2024 from Previously Announced Cost Realignment Program(5)
  • Reaffirms Full-Year 2024 Revenue Guidance(6) of $58.5 to $61.5 Billion and Raises Adjusted(3) Diluted EPS Guidance to $2.15 to $2.35 

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