Pfizer Inc. reported strong financial results for the third quarter of 2024, surpassing Wall Street estimates for both revenue and adjusted profit. Total revenues reached $17.7 billion, marking a 31% increase compared to the prior-year quarter, driven by operational growth of 32%.
The company posted adjusted diluted earnings per share (EPS) of $1.06 for the quarter. Reported net income was $4.47 billion, or $0.78 per share, a significant improvement from a net loss of $2.38 billion, or $0.42 per share, in the third quarter of 2023. This improvement was partly due to the non-recurrence of a $5.6 billion inventory write-off from the prior year.
Key drivers of revenue growth included Paxlovid sales of $2.7 billion, an increase of $2.5 billion operationally, and Comirnaty revenues of $1.4 billion, up 9% operationally. Excluding COVID-19 products, operational revenue growth was 14%, fueled by contributions from the Seagen portfolio, the Vyndaqel family, Eliquis, and Abrysvo.
Pfizer raised its full-year 2024 revenue guidance to a range of $61.0 billion to $64.0 billion, up from the previous $59.5 billion to $62.5 billion. Adjusted diluted EPS guidance was also increased to $2.75 to $2.95, from the prior range of $2.45 to $2.65, reflecting confidence in continued business performance and ongoing cost reduction efforts, which are on track to deliver at least $4 billion in savings by year-end.
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