Zinger Key Points
- Pfizer's Q4 adjusted EPS was $0.63, surpassing the $0.47 consensus, while revenue rose 22% YoY to $17.76B, beating estimates of $17.40B.
- Paxlovid sales hit $727M, up $3.9B YoY due to a revenue reversal, while Vyndaqel sales rose 60% to $1.55B, and Eliquis grew 14% to $1.83B.
- Get Pro-Level Earnings Insights Before the Market Moves
On Tuesday, Pfizer Inc. PFE reported fourth-quarter adjusted EPS of 63 cents, compared to 10 cents a year ago, beating the consensus of 47 cents.
The U.S. drugmaker reported sales of $17.76 billion, up 22% year-over-year (up 21% operationally), beating the consensus of $17.40 billion.
The increase reflects a one-time, non-cash Paxlovid revenue reversal of $3.5 billion recorded in fourth-quarter 2023 and, to a lesser extent, growth contributions in fourth-quarter 2024 from the legacy Seagen portfolio, the Vyndaqel family, higher Paxlovid sales year-over-year, higher sales in several other products across all categories, and a favorable impact of foreign exchange.
Excluding contributions from Paxlovid and Comirnaty, fourth-quarter 2024 revenues totaled $13.7 billion, an increase of $1.3 billion, or 11%, operationally compared with the prior-year quarter.
This was primarily driven by legacy Seagen, Vyndaqel family, Eliquis, Nurtec ODT/Vydura, and Xtandi, partially offset by lower revenues for Abrysvo, Xeljanz and Oncology biosimilars.
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Fourth-quarter 2024 Comirnaty revenues of $3.83 billion decreased $2.0 billion, or 38%, operationally compared with the prior-year quarter, driven primarily by fewer COVID-19 vaccinations globally and lower contracted doses.
Fourth-quarter 2024 Paxlovid revenues of $727 million increased $3.9 billion operationally compared with $(3.1) billion of revenues recorded in the prior-year quarter, primarily driven by the transition to traditional commercial market sales in the U.S., including a one-time, non-cash revenue reversal of $3.5 billion recorded in fourth-quarter 2023.
Vyndaqel family drugs generated sales of $1.55 billion, up 60%. Eliquis, a blood thinner drug, generated sales of $1.83 billion, up 14%.
Global revenues of $915 million from legacy Seagen compared with $132 million in fourth-quarter 2023 following the completion of the acquisition in mid-December 2023.
Nurtec ODT/Vydura sales jumped 39% to $392 million. Prevnar family pneumococcal vaccine sales dipped 4% to $1.56 billion, and Abrysvo RSV vaccine sales slumped 62% to $198 million.
Guidance: Pfizer reaffirms 2025 revenues of $61 billion-$64 billion compared to consensus of $63.025 billion.
The company anticipates adjusted EPS of $2.80-$3.00 compared to consensus of $2.94.
Price Action: At the last check on Tuesday, PFE stock was up 1.87% at $26.69 during the premarket session.
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