Pfizer's Q4 Earnings Beat Estimates, Downsizing Efforts Continue
Earnings Report Highlights:
* Revenue: $63.6 billion for the full year, up 7% YoY
* EPS: $3.12, exceeding estimates of $2.97
* Q4 Revenue: $17.8 billion, above consensus estimates of $17.3 billion
Key Findings:
* Pfizer faces challenges from COVID-19 revenue decline
* Downsizing plans aim for $4.5 billion savings by 2025 and $1.5 billion by 2027
* Acquisitions, including Seagen, aim to offset patent expirations
* Medicare price negotiations pose another headwind
* GLP-1 candidate danuglipron faces competition from Eli Lilly
CEO Commentary:
"We will enhance shareholder value by improving R&D productivity and advancing strategic priorities guiding our company in 2025." - Albert Bourla, Pfizer CEO
Investor Outlook:
* Investors remain cautious about Pfizer's pipeline and future revenue growth
* Headwinds include Medicare price negotiations, potential impact of government actions, and competition in the GLP-1 market