Pfizer Q1 earnings: non-Covid product sales help post revenues of $14.9 billion despite Comirnaty, Paxlovid decline

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Pfizer Inc. (NYSE: PFE) has announced its financial outcomes for the first quarter of 2024, displaying strong performance in its non-COVID product portfolio.

This includes heightened revenues from recent commercial launches and acquired products, alongside a consistent growth in key in-line brands. Despite a decrease in pandemic-related revenues, the company has raised its Adjusted diluted EPS guidance for the year.

Pfizer Q1 earnings highlights

In the first quarter, Pfizer saw a revenue of $14.9 billion, marking a 19% operational decrease year-over-year, primarily due to expected declines in Comirnaty and Paxlovid revenues.

Excluding these contributions, revenues from other products grew by 11% operationally.

The company reported a diluted EPS of $0.55 and an adjusted diluted EPS of $0.82, which included a favorable impact of $0.11 from the final revenue adjustment for Paxlovid treatment courses returned by the U.S. government.

Strategic advancements and reaffirmed guidance

Pfizer is on track with its cost realignment program, aiming to deliver at least $4 billion in net cost savings by the end of 2024.

The company has also reaffirmed its full-year revenue guidance for 2024, projecting between $58.5 to $61.5 billion and has raised its Adjusted diluted EPS guidance to between $2.15 and $2.35.

Organizational changes and operational focus

Early in 2024, Pfizer implemented organizational changes to enhance focus, speed, and execution within its commercial operations.

These adjustments include the incorporation of Seagen Inc. and the establishment of new divisions focused on oncology and both U.S. and international commercial operations.

What did Pfizer CEO say?

Dr. Albert Bourla, Chairman and CEO of Pfizer, expressed satisfaction with the quarter’s performance, highlighting the strength of the non-COVID portfolio and robust revenue contributions from key oncology products.

“We delivered strong performance in our non-COVID product portfolio in the first quarter of 2024, including increased revenue from several of our recent commercial launches and acquired products, as well as robust year-over-year growth for several key in-line brands.”

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