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

On Tuesday, Pfizer Inc. PFE reported second-quarter adjusted EPS of $0.60, down 11% year over year, beating the consensus of $0.46.

The U.S. drugmaker reported sales of $13.28 billion, up 2% year-over-year (up 3% operationally), beating the consensus of $13.02 billion.

The increase was primarily due to growth contributions from several of our acquired products, key in-line products, and recent commercial launches, which more than offset both an expected decline in Comirnaty.

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Excluding contributions from Comirnaty and Paxlovid, revenues reached $12.8 billion, increased 14% operationally.

In the second quarter of 2024, Comirnaty’s revenues of $195 million declined by 87%. Paxlovid revenues increased 79% to $251 million.

Vyndaqel family drugs generated sales of $2.46 billion, up 68%. Eliquis, a blood thinner drug, generated sales of $3.92 billion, up 9%.

Albert Bourla, Chairman and Chief Executive Officer, stated, “Notably, we achieved exceptional growth in our Oncology portfolio, with strong revenue contribution from our legacy-Seagen products.”

“In the second quarter, for example, we achieved year-over-year revenue growth for the first time since the fourth quarter of 2022 when our COVID revenues peaked,” Bourla added.

In May, Pfizer launched a multi-year cost-cutting initiative to save approximately $1.5 billion by the end of 2027.

Guidance: Pfizer updates its 2024 revenue forecast to $59.5 billion—$62.5 billion, compared to prior guidance of $58.5 billion—$61.5 billion and consensus of $60.7 billion.

The company’s updated guidance includes approximately $8.5 billion (vs. $8 billion expected earlier) in anticipated revenues for Comirnaty and Paxlovid, approximately $5 billion and $3.5 billion, respectively.

Pfizer expects 2024 operational revenue growth of 9%- 11% year over year, up from 8%- 10% provided on January 30, 2024.

Pfizer expects 2024 adjusted EPS of $2.45-$2.65 compared to prior guidance of $2.15-$2.35 and consensus of $2.37.

Price Action: PFE stock is up 1.60% at $31.21 during the premarket session at the last check on Tuesday.

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