Pfizer Experiences Revenue Growth for First Time Since COVID Revenue Peak in 2022, Raises Annual Guidance

Pfizer Marks First Revenue Growth Since COVID Revenue Peak In 2022, Lifts Annual Guidance

Pfizer Inc. (NYSE: PFE) recently reported impressive second-quarter results that surpassed expectations, marking the company’s first revenue growth since the peak of COVID-related revenues in 2022. This growth has allowed Pfizer to lift its annual guidance, showcasing the company’s resilience and strategic initiatives.

The U.S. drugmaker reported adjusted earnings per share of $0.60 for the second quarter, which was down 11% year over year but exceeded the consensus estimate of $0.46. Additionally, Pfizer reported sales of $13.28 billion, a 2% increase year-over-year (3% operationally), surpassing the consensus of $13.02 billion.

This growth was driven by contributions from acquired products, key in-line products, and recent commercial launches, which more than offset the expected decline in Comirnaty sales. Excluding Comirnaty and Paxlovid, revenues reached $12.8 billion, demonstrating a substantial 14% operational increase.

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In the second quarter of 2024, Comirnaty revenues decreased by 87% to $195 million, while Paxlovid revenues saw an impressive 79% increase to $251 million. Other notable sales figures include the Vyndaqel family drugs at $2.46 billion (up 68%) and Eliquis, a blood thinner drug, at $3.92 billion (up 9%).

Chairman and CEO Albert Bourla expressed satisfaction with the company’s performance, highlighting the exceptional growth in Pfizer’s Oncology portfolio and the first-year-over-year revenue growth since the fourth quarter of 2022. This growth trajectory aligns with Pfizer’s multi-year cost-cutting initiative, aimed at saving approximately $1.5 billion by the end of 2027.

Looking ahead, Pfizer updated its 2024 revenue forecast to $59.5 billion—$62.5 billion, compared to the prior guidance range of $58.5 billion—$61.5 billion. The company also anticipates operational revenue growth of 9%-11% year over year for 2024, an increase from the previous guidance range of 8%-10%. Adjusted earnings per share for 2024 are now expected to be $2.45-$2.65, up from the previous range of $2.15-$2.35.

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As a result of these positive developments, PFE stock saw a 1.60% increase during the premarket session, trading at $31.21. This upward momentum reflects investor confidence in Pfizer’s strategic direction and financial performance.

In conclusion, Pfizer’s recent revenue growth and improved annual guidance demonstrate the company’s ability to navigate challenges and capitalize on opportunities in the pharmaceutical industry. Stay updated on the latest stock analysis and market trends to make informed investment decisions.

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