Key Insights from Pfizer's Q1 2024 Earnings Report
Better-than-expected results
In Q1 2024, Pfizer’s net revenues decreased 20% year-over-year to $14.9 billion but came above expectations. Revenues declined 19% operationally due to global revenue drops of Comirnaty and Paxlovid. Adjusted EPS fell 33% YoY to $0.82.
Business performance
Comirnaty revenues decreased 88% operationally to $354 million, while Paxlovid revenues declined 50% to $2 billion. Pfizer witnessed growth in non-COVID products such as Vyndaqel, Prevnar, Eliquis, and Abrysvo.
Updated outlook
Pfizer raised its adjusted EPS guidance to $2.15-2.35 for 2024, showing confidence in business strength and cost realignment efforts. Revenue remains at $58.5-61.5 billion, reflecting the anticipated performance of key products.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.