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Jun 30, 2024
Pfizer Q2 2024 Earnings Report
Second-quarter performance was driven by focused commercial execution, full-year 2024 revenue guidance was raised to a range of $59.5 to $62.5 billion, and adjusted diluted EPS guidance was raised to a range of $2.45 to $2.65.
Key Takeaways
Pfizer reported a strong second quarter in 2024, marked by revenue growth and increased guidance for the full year. Revenues grew by 3% operationally year-over-year, driven by key in-line brands and recent commercial launches. The company also launched a manufacturing optimization program expected to yield $1.5 billion in cost savings by the end of 2027.
Revenues grew 3% operationally year-over-year despite anticipated decline in COVID revenues.
Excluding contributions from Comirnaty and Paxlovid, revenues grew 14% operationally.
Reported diluted EPS was $0.01, and adjusted diluted EPS was $0.60, which includes $1.3 billion of one-time costs for Manufacturing Optimization Program.
Full-year 2024 revenue guidance was raised to a range of $59.5 to $62.5 billion, and adjusted diluted EPS guidance was raised to a range of $2.45 to $2.65.
Revenue by Segment
Forward Guidance
Pfizer raises full-year 2024 revenue guidance to a range of $59.5 to $62.5 billion and raises Adjusted diluted EPS guidance to a range of $2.45 to $2.65.
Positive Outlook
- Revenue guidance increased by $1 billion at the midpoint.
- Adjusted diluted EPS guidance increased by $0.30 at the midpoint.
- Revenue includes approximately $8.5 billion in anticipated revenues for Comirnaty and Paxlovid.
- Excluding Comirnaty and Paxlovid, operational revenue growth is expected to be 9% to 11%.
- Updated guidance considers strong first-half performance and confidence in the business's underlying strength.
Challenges Ahead
- Guidance does not assume the completion of any business development transactions not completed as of June 30, 2024.
- Anticipated immaterial impact in fiscal-year 2024 of recent and expected generic and biosimilar competition for certain products that have recently lost patent or regulatory protection or that are anticipated to lose patent or regulatory protection.
Revenue & Expenses
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