Key Insights from Pfizer's Q1 2024 Earnings Report

Wednesday, 1 May 2024, 17:33

Pfizer's Q1 2024 earnings report highlighted better-than-expected results with revenues exceeding expectations despite a drop in net income. The company experienced significant declines in Comirnaty and Paxlovid revenues but saw growth in non-COVID product portfolio. Pfizer raised its adjusted EPS guidance for 2024, showcasing confidence in business strength and outlook.
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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.


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