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

Pfizer delivered strong third quarter 2024 financial results, delivering robust double-digit revenue growth across its product portfolio, as the company continued to execute with discipline, strengthen its commercial position, and advance its pipeline. Additionally, the company continued to make progress with each of its key strategic priorities for 2024.

The company reported revenues of $17.7 billion in the third quarter, representing 32% year-over-year operational growth. Excluding the company’s COVID-19 products, revenues were $13.6 billion, reflecting an operational increase of 14% compared with the prior-year quarter. Third quarter revenue growth was driven primarily by a combination of contributions from Pfizer’s Oncology products, key in-line products, recent commercial launches, as well as heightened demand for its COVID-19 oral treatment.

This quarter marks Pfizer’s third consecutive quarter of solid growth in 2024. Based on the recent quarter performance, the company once again raised its full-year 2024 revenue guidance and adjusted diluted EPS guidance. Please reference Pfizer’s third quarter 2024 earnings release for additional information regarding our quarterly results, defined terms and 2024 financial guidance details and assumptions.

“Our performance through the first three quarters of the year is the result of our focus on our most important strategic priorities. I’m confident that we will deliver on our financial commitments in 2024 and that we are well positioned to continue advancing scientific breakthroughs meaningful to our patients and our company, as well as creating long-term shareholder value, in the years to come,” said Dr. Albert Bourla, Chairman and Chief Executive Officer.

Product and Pipeline Advancements

Pfizer is prioritizing opportunities where the company has scientific leadership and deep capabilities. The company continued to advance its portfolio of medicines and vaccines with a number of regulatory developments and notable pipeline milestones in the last few months.

The company received approval from the U.S. Food and Drug Administration (FDA) for its second hemophilia medicine this year that helps prevent or reduce the frequency of bleeding episodes in certain adults with hemophilia A or B. Separately, Pfizer’s recent FDA approval of the company’s respiratory syncytial virus (RSV) vaccine for patients 18 through 59 who are at increased risk of lower respiratory tract disease caused by RSV, will allow the company to serve an expanded population overtime.

Within its Oncology portfolio, Pfizer reported positive top-line Phase 3 overall survival results from the TALAPRO-2 study in patients with metastatic castration-resistant prostate cancer and, separately, presented positive longer-term progression free survival results from the Phase 2 single-arm PHAROS clinical trial in patients with BRAF V600E-mutant metastatic non-small cell lung cancer.

Also noteworthy within the quarter, Pfizer presented for the first time positive data from a mid-stage trial of a candidate, discovered and developed by Pfizer scientists, that is designed to treat cancer cachexia. Cachexia is a complex, disabling, and life-threatening metabolic condition involving symptoms such as weight and muscle loss. In cancer, cachexia can diminish the efficacy of cancer treatments and is thought to contribute to decreased survival rates. Based on these positive results, Pfizer is discussing late-stage development plans with regulators with the goal of starting registration-enabling studies in 2025.

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 nine months of 2024, Pfizer reinvested $7.8 billion in internal R&D projects and returned capital directly to shareholders through $7.1 billion of cash dividends, or $1.26 per share of common stock.

As the company continues to focus on creating long-term shareholder value and drive margin expansion, Pfizer confirmed it remains on track to achieve its 2024 goal to realize at least $4 billion in net cost savings from its cost realignment program and expects to achieve an additional $1.5 billion in savings by the end of 2027 from the first phase of its manufacturing optimization program.

“We are extremely pleased with the strong 14% operational revenue growth of Pfizer’s non-COVID products in the third quarter. This follows our strong first-half performance, which demonstrates our continued focus on commercial execution and confidence in our ability to deliver on our financial guidance this year. Importantly, we believe our ongoing cost reduction efforts set the company on a path toward 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.

Forward-looking statements included herein, including those related to our anticipated operating and financial performance, our product and pipeline advancements 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 third-quarter 2024 earnings release for additional information regarding our financial guidance details and assumptions.