Pfizer Reports Strong Q4 and Full-Year 2024 Results; Strengthens Company for the Future

Pfizer delivered strong fourth quarter and full-year 2024 financial results, demonstrating the company’s continued focus on commercial execution. Full-year 2024 revenues were $63.6 billion, representing 7% year-over-year operational growth, while fourth-quarter revenues were $17.8 billion, reflecting 21% year-over-year operational growth. Excluding contributions from its COVID-19 portfolio, Pfizer achieved 12% operational revenue growth for the full-year 2024 and 11% operational revenue growth in the fourth quarter.

The company also reaffirmed full-year 2025 revenue guidance of $61.0.5 to $64.0 billion provided on December 17, 2024, and is on track to deliver overall net cost savings of $4.5 billion by the end of 2025 from its ongoing cost realignment program.

Please reference Pfizer’s fourth quarter and full-year 2024 earnings release for additional information regarding the company’s financial guidance details and assumptions and for additional information regarding Pfizer’s fourth quarter and full-year 2024 results.

2024 Achievements

In 2024, Pfizer made great progress with commercial execution and achieved growth across its product portfolio. Throughout the year, the company refined its commercial model, appointed new leadership, transformed its research and development (R&D) engine, and increased its financial discipline. And notably, Pfizer reached more than 415 million patients1 with its medicines and vaccines throughout the year.

“2024 was a strong year of execution and performance for Pfizer in which we met or exceeded our strategic and financial commitments, strengthened our company and, most importantly, reached millions of patients with our medicines and vaccines,” said Dr. Albert Bourla, Chairman and Chief Executive Officer. “I’m excited for what’s ahead and confident that we will enhance shareholder value as we sharpen our focus to improve the productivity of our R&D pipeline and advance the clear strategic priorities guiding our company in 2025.”

Product and Pipeline Advancements

Pfizer advanced its portfolio of medicines and vaccines, while also making strides in its pipeline which are designed to tackle pressing health challenges and deliver innovative therapies. Key developments in the last few months included:

  • U.S. Food and Drug Administration (FDA) granted accelerated approval for a combination treatment for patients with metastatic colorectal cancer with a BRAF V600E mutation, as detected by an FDA-approved test;
  • The European Commission granted marketing authorization for a treatment for the routine prophylaxis of bleeding episodes in patients 12+ years of age weighing at least 35 kg with severe hemophilia A or B without inhibitors;
  • Presented positive Phase 3 results for an investigational combination treatment showing clinically meaningful improvement in progression-free survival in patients with a specific form of metastatic breast cancer;
  • Announced positive Phase 3 topline results of an investigational anti-PD-1 monoclonal antibody in combination with Bacillus Calmette-Guérin (BCG) in patients with BCG-naïve, high-risk non-muscle invasive; and
  • Announced preliminary data from an ongoing early phase study of an investigational combination treatment for patients with locally advanced or metastatic estrogen receptor positive /human epidermal growth factor receptor 2 negative breast cancer.

For a comprehensive overview of Pfizer’s R&D pipeline, read the company’s latest pipeline snapshot.

Returning Value to Shareholders

In 2024, Pfizer continued its plans to deploy capital to fuel future growth and return capital to shareholders. The company invested $10.8 billion in internal R&D projects and returned $9.5 billion to shareholders through cash dividends, or $1.68 per share of common stock in 2024.

“We are pleased with the 12% operational revenue growth of Pfizer’s non-COVID products in full-year 2024, demonstrating our continued focus on commercial execution. We successfully delivered on our $4 billion net cost savings target from our ongoing cost realignment program, and, as captured in our 2025 financial guidance, we have increased our overall savings target to approximately $4.5 billion by the end of this year,” said David Denton, Chief Financial Officer and Executive Vice President. “In addition, we remain on track to deliver $1.5 billion of net cost savings from the first phase of our Manufacturing Optimization Program by the end of 2027, with initial savings expected in the latter part of 2025. We remain confident in our ability to return to pre-pandemic operating margins in the coming years.”

Strategic Plans for 2025

Looking ahead, Pfizer is in a strong position for 2025 and beyond. The company plans to continue disciplined execution while also enhancing its focus on key areas, such as its R&D pipeline. Pfizer has outlined several strategic priorities to further strengthen the company this year, including improving R&D productivity with sharpened focus, expanding margins and maximizing operational efficiency, achieving commercial excellence in key categories and optimizing capital allocation. These priorities will guide Pfizer in its efforts to drive long-term value creation for shareholders moving forward.

Please see below earnings highlights and visit Pfizer’s Investor Relations site for more information.

1The Patients Impacted metric is calculated from Pfizer and third-party datasets. Figures may be limited given the coverage provided by external sources (e.g., calendar duration, geographic and product coverage) and are subject to change. Numbers are estimates and in some cases use global volume, daily dosage and number of treatment days to facilitate calculations. Methodologies to calculate estimates may vary by product type given the nature of the product and available data. Patients taking multiple Pfizer products may be counted as multiple patients towards total. Numbers do not include comprehensive estimated patient counts from Ex-US Access & Affordability programs. Historical estimates may periodically be subject to revision due to restatements in the underlying data source.

Forward-looking statements included herein, including those related to our anticipated operating and financial performance, including our financial guidance, our product and pipeline advancements, our strategic priorities and our efforts to return value to shareholders, are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at pfizer.com and the SEC’s website. Also reference Pfizer’s fourth quarter and full-year 2024 earnings release for additional information regarding our financial guidance details and assumptions.