Pfizer $PFE Beats Earnings Estimates

Q2/24

Pfizer reported impressive second-quarter results, surpassing revenue and adjusted earnings expectations, thanks to effective cost-cutting strategies, better-than-anticipated sales of its Covid antiviral pill, Paxlovid, and robust non-Covid product sales.

Key highlights:

• Adjusted Earnings: Raised full-year guidance to $2.45-$2.65 per share, up from $2.15-$2.35.
• Revenue Forecast: Increased to $59.5-$62.5 billion, up from $58.5-$61.5 billion.
• Covid Products: Expected revenue includes $5 billion from the Covid vaccine and $3.5 billion from Paxlovid.
• Q2 Earnings: Adjusted EPS of 60 cents vs. 46 cents expected. Revenue of $13.28 billion vs. $12.96 billion expected.
• Non-Covid Growth: 14% increase in revenue excluding Covid products, driven by strong sales of Seagen’s cancer drugs and Pfizer’s Vyndaqel and Eliquis.

These results mark Pfizer’s first quarter of revenue growth since Q4 2022 and reflect its strategic efforts to stabilize business post-pandemic.

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