Pfizer Delivers Strong Second-Quarter 2024 Financial Results and Raises 2024 Guidance

Pfizer delivered strong financial results in the second quarter of 2024, driven by the company’s continued focus on commercial execution and solid execution of its strategic priorities for the year. The company reported revenues of $13.3 billion in the quarter, representing 3% year-over-year operational growth, despite an anticipated decline in COVID revenues, and a 14% year-over-year operational increase in revenues from the company’s non-COVID product portfolio.

As a result of a successful first half of 2024, Pfizer raised its full-year 2024 guidance to reflect its strong business performance. The company raised full-year 2024 revenue guidance to a range of $59.5 to $62.5 billion and now anticipates full-year operational revenue growth of 9% to 11%, excluding COVID products. The company also raised adjusted diluted earnings per share guidance to a range of $2.45 to $2.65. Furthermore, Pfizer is on track to achieve its 2024 goal of $4 billion in net cost savings from a previously announced cost realignment program. Please reference Pfizer’s second quarter 2024 earnings release for additional information regarding our quarterly results, defined terms and 2024 financial guidance details and assumptions.

“We are driving progress toward our 2024 strategic priorities through solid execution across the company. I am pleased with the strong performance of our product portfolio in the second quarter led by several of our acquired products, key in-line brands and recent commercial launches. Notably, we achieved exceptional growth in our Oncology portfolio, with strong revenue contribution from our legacy-Seagen products,” said Dr. Albert Bourla, Chairman and Chief Executive Officer. “Overall, I am encouraged by our performance in the first half of 2024 and we remain focused on making a difference in the lives of patients as we continue to advance and strengthen our company.”

Through the first six months of 2024, Pfizer reached more than 192 million¹ patients with its medicines and vaccines. The company is driving progress with solid execution as it continues to make a difference in the lives of patients around the world.

Product and Pipeline Developments

Pfizer continued to advance its marketed medicines and vaccines with new data while progressing its pipeline to deliver new therapies to patients in need.

In July 2024, the European Commission approved Pfizer’s one-time gene therapy for the treatment of severe and moderately severe hemophilia B in certain adult patients. This follows the positive Phase 3 topline read out for an investigational gene therapy candidate for adults with moderately severe to severe hemophilia A.

In the quarter, pivotal findings from oncology clinical trials were shared with the scientific community involving several of Pfizer’s marketed cancer medicines. Among these were long-term follow-up Phase 3 results in patients previously untreated with ALK-positive advanced non-small cell lung cancer; Phase 3 overall survival results for investigational treatment of patients with relapsed/refractory diffuse large B-cell lymphoma as a combination therapy; 4-year results from a Phase 3 European trial of combination treatment regimen in newly diagnosed classical Hodgkin lymphoma; and Phase 2 overall survival results in patients with heavily pretreated relapsed or refractory multiple myeloma. This is in addition to a number of oncology clinical candidates that Pfizer has moved into Phase 3 development this year.

Notably, the company announced it plans to advance the development of its once-daily modified release formulation of its oral glucagon-like peptide-1 receptor agonist for obesity.

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

Returning Value to Shareholders

Pfizer continued its plans to deploy capital to fuel future growth and return capital directly to shareholders.

In the first six months of 2024, Pfizer reinvested $5.2 billion in internal R&D projects and returned capital directly to shareholders through $4.8 billion of cash dividends, or $0.84 per share of common stock.

As we strive to achieve a more efficient organization well-positioned for long-term improved shareholder returns, the company launched the first phase of a multi-year, multi-phase cost reduction program to reduce its cost of goods sold (the Manufacturing Optimization Program). The first phase of the Manufacturing Optimization Program is focused on operational efficiencies and is expected to deliver savings of approximately $1.5 billion by the end of 2027, some of which is expected to begin being realized in 2025.

“This was Pfizer’s first quarter of topline revenue growth, on a year-over-year basis, since the fourth quarter of 2022 when our COVID revenues peaked. Importantly, the strong 14% operational revenue growth of our non-COVID products in the second quarter demonstrates our continued focus on commercial execution. In support of our stated strategic priority to realign our cost base, we continue to progress our cost realignment program. Additionally, with our more recent announcement of the first phase of our Manufacturing Optimization Program, we believe we are setting the foundation for future margin expansion,” said David Denton, Chief Financial Officer and Executive Vice President.

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-U.S. 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 financial guidance and projections, our cost realignment program, our Manufacturing Optimization Program, and our anticipated product launches 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 www.pfizer.com and the SEC’s website at www.sec.gov. Also reference Pfizer’s second-quarter 2024 earnings release for additional information regarding our financial guidance details and assumptions.