Pfizer Reports Strong Earnings, Beats Wall Street Estimates
Pfizer (PFE) released positive financial results for the fourth quarter and full year of 2024, surpassing market expectations.
* Revenue: $63.6 billion for the full year, a 7% increase over 2023; beat consensus estimates of $62.9 billion.
* Earnings per Share: $3.12 for the full year, exceeding estimates of $2.97.
Fourth Quarter Highlights:
* Revenue: $17.8 billion, a 21% rise compared to the same period in 2023; outperformed estimates of $17.3 billion.
Cost-Reduction Initiatives:
Pfizer aims to optimize operations and reduce expenses:
* Plan to save $4.5 billion by 2025 and an additional $1.5 billion by 2027 through measures such as downsizing manufacturing and R&D programs.
Headwinds:
* Patent expirations impacting revenue.
* Medicare price negotiations for Ibrance and Xtandi.
* Regulatory uncertainty under the Trump administration.
* Slowdown in enthusiasm for oral GLP-1 candidate, danuglipron.
Leadership Outlook:
CEO Albert Bourla emphasizes the company's focus on:
* Enhancing shareholder value.
* Improving R&D productivity.
* Advancing strategic priorities in 2025.