Pfizer Reports Strong Q4 and Full-Year 2024 Results, Outperforms Expectations
Pfizer (PFE) surpassed Wall Street expectations with its fourth-quarter and full-year 2024 earnings release, showcasing continued revenue growth despite industry challenges.
Quarter Highlights:
* Q4 Revenue: $17.8 billion, a 21% year-over-year increase, exceeding estimates of $17.3 billion.
* Q4 EPS: $3.12, outpacing estimates of $2.97.
Full-Year Performance:
* Full-Year Revenue: $63.6 billion, representing a 7% increase from 2023, beating consensus estimates of $62.9 billion.
* Full-Year EPS: $3.12, exceeding estimates of $2.97.
Key Developments:
* Pfizer remains focused on cost-cutting measures, aiming for $4.5 billion in savings by 2025 and an additional $1.5 billion by 2027 through downsizing and R&D optimization.
* The company's board resisted an activist takeover earlier this year, providing stability amidst headwinds.
Headwinds and Outlook:
* Investors remain cautious as Pfizer navigates patent expirations and invests in its pipeline, particularly through acquisitions like Seagen.
* Pfizer faces Medicare price negotiations for additional drugs, including Ibrance and Xtandi.
* Government policies on vaccines and drug approvals could further impact the company's operations.
* Pfizer's GLP-1 candidate, danuglipron, faces competition from Eli Lilly (LLY), as Lilly advances further in clinical trials.
Despite headwinds, CEO Albert Bourla expressed optimism in the company's future: "We will enhance shareholder value as we improve our R&D productivity and execute our strategic priorities for 2025."