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Mar 31, 2024
Pfizer Q1 2024 Earnings Report
Pfizer's Q1 2024 results reflected continued growth of key products and progress in executing 2024 priorities.
Key Takeaways
Pfizer's Q1 2024 revenues reached $14.9 billion, with a reported diluted EPS of $0.55 and an adjusted diluted EPS of $0.82. The company reaffirms its full-year 2024 revenue guidance of $58.5 to $61.5 billion and raises adjusted diluted EPS guidance to $2.15 to $2.35.
Revenues declined by 19% year-over-year, primarily due to decreased Comirnaty and Paxlovid revenues.
Excluding Comirnaty and Paxlovid, revenues grew 11% operationally.
Reported diluted EPS was $0.55, and adjusted diluted EPS was $0.82, including a $0.11 favorable impact from a Paxlovid revenue adjustment.
The company is on track to deliver at least $4 billion in net cost savings by the end of 2024 from its cost realignment program.
Revenue by Segment
Forward Guidance
Pfizer reaffirms its full-year 2024 revenue guidance of $58.5 to $61.5 billion and raises adjusted diluted EPS guidance to $2.15 to $2.35.
Positive Outlook
- Full-year 2024 revenues are expected to be in the range of $58.5 to $61.5 billion.
- Anticipated revenues for Comirnaty and Paxlovid are approximately $8 billion ($5 billion and $3 billion, respectively).
- Anticipated revenues from legacy Seagen are approximately $3.1 billion.
- Comirnaty revenues are expected to perform consistently with expectations, with approximately 90% of sales occurring in the second half of the year.
- The updated 2024 adjusted diluted EPS guidance takes into consideration our confidence in delivering on our cost realignment program target as well as our confidence in the underlying strength in our business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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