Pfizer Reports Strong Second-Quarter 2024 Results And Raises 2024 Guidance

Second-Quarter Performance Driven by Focused Commercial Execution
▪ Raises Full-Year 2024 Revenue Guidance(1) to a Range of $59.5 to $62.5 Billion and Raises Adjusted(2)
Diluted EPS Guidance to a Range of $2.45 to $2.65
▪ Launched Manufacturing Optimization Program with Anticipated Cost Savings of Approximately $1.5
Billion by the End of 2027
▪ Second-Quarter 2024 Revenues of $13.3 Billion
– Revenues Grew 3% Operationally Year-over-Year Despite Anticipated Decline in COVID Revenues
– Excluding Contributions from Comirnaty(3) and Paxlovid, Revenues Grew 14% Operationally
▪ Second-Quarter 2024 Reported(4) Diluted EPS of $0.01 and Adjusted(2) Diluted EPS of $0.60
– Includes $1.3 Billion of One-Time Costs for Manufacturing Optimization Program, Negatively Impacting
Reported(4) Diluted EPS by $0.18(5)
▪ On Track to Deliver at Least $4 Billion in Net Cost Savings by End of 2024 from Previously Announced Cost
Realignment Program(6)
NEW YORK, Tuesday, July 30, 2024 — Pfizer Inc. (NYSE: PFE) reported financial results for the second quarter
of 2024 and raised its full-year 2024 guidance(1) for both Revenues and Adjusted(2) diluted EPS.
The second-quarter 2024 earnings presentation and accompanying prepared remarks from management as well as
the quarterly update to Pfizer’s R&D pipeline can be found at www.pfizer.com.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “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.
“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.”
David Denton, Chief Financial Officer and Executive Vice President, stated: “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.”
OVERALL RESULTS
In the first quarter of 2024, Pfizer reclassified royalty income (substantially all of which is related to our
Biopharma segment) from Other (income)/deductions––net to revenues and began presenting Royalty revenues as a separate line item within Total revenues in our consolidated statements of operations. Prior-period amounts have been recast to conform to the current presentation.
At the beginning of 2024, Pfizer made changes in our commercial organization to incorporate Seagen Inc.
(Seagen) and improve focus, speed and execution. Specifically, within our Biopharma reportable segment Pfizer created the Pfizer Oncology Division, the Pfizer U.S. Commercial Division, and the Pfizer International Commercial Division. See the Item 1. Business––Commercial Operations section of Pfizer’s 2023 Annual Report on Form 10-K (available at www.pfizer.com).