Pfizer Posts First Quarterly Revenue Growth Since Peak COVID Vaccine Sales

Pfizer (PFE) shares roseate Tuesday aft nan pharmaceutical elephantine hit second-quarter gross expectations and raised its full-year guidance.

The institution upped its projected 2024 gross midpoint by $1 cardinal to a scope of $59.5 cardinal to $62.5 cardinal and raised its adjusted earnings per stock (EPS) midpoint by 30 cents to betwixt $2.45 and $2.65. The revenue projections see $5 cardinal from its COVID vaccine Comirnaty and $3.5 cardinal from its COVID supplier Paxlovid.

Pfizer's second-quarter revenue of $13.28 cardinal was up 2% year-over-year and supra analysts' statement expectations of $13.04 billion, according to Visible Alpha. EPS of 1 cent was beneath projections of 22 cents, but adjusted EPS of 60 cents topped estimates of 46 cents.  

Growth successful Revenue From Non-COVID Products

“This was Pfizer’s first 4th of topline gross growth, connected a year-over-year basis, since nan 4th fourth of 2022 erstwhile our COVID revenues peaked,” Chief Financial Officer (CFO) David Denton said. “Importantly, nan beardown 14% operational gross maturation of our non-COVID products successful nan 2nd 4th demonstrates our continued attraction connected commercialized execution.”

Pfizer besides said it expects to make astatine slightest $4 cardinal successful nett costs savings by nan extremity of nan twelvemonth and pointed to nan motorboat of a manufacturing optimization programme that it projects to prevention $1.5 cardinal by nan extremity of 2027. 

Shares of Pfizer roseate 2.3% to $31.43 arsenic of 2:26 p.m. ET Tuesday. They're up astir 9% truthful acold successful 2024.