Pfizer Inc. reported fourth-quarter 2024 earnings and revenue that surpassed Wall Street estimates, driven by effective cost-cutting efforts and better-than-expected sales of its COVID-19 vaccine. Total revenues for the quarter reached $17.76 billion, a 22% increase from the prior-year period, with operational growth of 21%.
The company posted adjusted diluted earnings per share (EPS) of $0.63, exceeding expectations. Reported net income was $410 million, or $0.07 per share, a significant improvement from a net loss of $3.37 billion, or $0.60 per share, in the fourth quarter of 2023, which included a $3.5 billion Paxlovid revenue reversal.
Key revenue contributors included Paxlovid sales of $727 million, a substantial operational increase compared to the prior year's negative revenue. Comirnaty sales were $3.4 billion, though down $2.0 billion operationally. Excluding COVID-19 products, operational revenue grew 12%, supported by the legacy Seagen portfolio ($915 million), the Vyndaqel family ($1.55 billion, up 61%), and Eliquis ($1.83 billion, up 14%).
Pfizer reaffirmed its full-year 2025 financial guidance, projecting sales of $61.0 billion to $64.0 billion and adjusted diluted EPS of $2.80 to $3.00. The company is on track to deliver approximately $4.5 billion in net cost savings by the end of 2025 from its cost-cutting program, with an additional $1.5 billion in savings expected from its Manufacturing Optimization Program by the end of 2027.
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