Biotech
Wednesday, May 1st, 2024 2:20 pm EDT
Key Points
- Pfizer reported better-than-expected first-quarter revenue and raised its full-year profit outlook, attributed to its extensive cost-cutting program, minimal decline in Paxlovid sales, and strong performance of non-Covid products.
- Adjusted earnings for the fiscal year are expected to range from $2.15 to $2.35 per share, reflecting the company’s confidence in its business and cost-reduction efforts, aiming to achieve $4 billion in savings by year-end.
- Despite a 20% revenue decline primarily due to reduced Covid product sales, Pfizer’s net income for the first quarter stood at $3.12 billion, with adjusted earnings per share at 82 cents. Notably, excluding Covid products, Pfizer reported an 11% revenue growth, fueled by acquisitions like Seagen and strong sales of drugs like Vyndaqel, Eliquis, and pneumococcal pneumonia shots.
Pfizer reported robust first-quarter revenue, surpassing expectations and elevating its full-year profit outlook, primarily due to its extensive cost-cutting measures, mitigated drop in Paxlovid sales, and strong performance of non-Covid products. The company revised its adjusted earnings forecast to $2.15 to $2.35 per share, reflecting confidence in its business and cost-reduction initiatives, aiming to achieve $4 billion in savings by year-end. Despite a 20% revenue decrease to $14.88 billion, mainly attributed to declining Covid product sales, Pfizer’s net income stood at $3.12 billion, or 55 cents per share, with adjusted earnings per share at 82 cents, benefiting from a revenue adjustment related to Paxlovid. Paxlovid revenue declined by 50%, while the Covid vaccine sales plummeted by 88% due to lower deliveries and demand. Notably, Pfizer witnessed an 11% revenue growth excluding Covid products, driven by Seagen’s acquisitions and robust sales of Vyndaqel, Eliquis, and pneumococcal pneumonia shots, offsetting Ibrance’s 8% revenue dip. Pfizer’s revenue mix underscored a strategic shift towards non-Covid products, marked by strong financial performance and promising uptake, instilling investor optimism amid challenges posed by declining Covid-related sales and market shifts.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/05/01/pfizer-pfe-earnings-q1-2024.html
