Pfizer Reports Positive Q4 and Full-Year 2024 Results, Stock Steady
Pfizer (PFE):
- Q4 2024 revenue: $17.8 billion (beat estimates of $17.3 billion)
- Full-year 2024 revenue: $63.6 billion (up 7% vs. 2023)
- Full-year EPS: $3.12 (beat estimates of $2.97)
Company Highlights:
- Ongoing downsizing efforts to mitigate declining COVID-19 product revenue
- Planned cost savings of $4.5 billion by 2025 and $1.5 billion additional by 2027
- Focus on pipeline development and acquisitions, including Seagen and other deals
Headwinds:
- Loss of revenue from patent expirations
- Pending Medicare price negotiations for Xtandi and Ibrance
- Impact of government action on vaccine approvals
- Slowdown in enthusiasm for oral GLP-1 candidate, danuglipron
Management Outlook:
- CEO Albert Bourla: "Excited for what's ahead"
- Aim to "enhance shareholder value through improved R&D productivity and strategic priorities"