Pfizer Surprises with Strong Quarterly Results and Optimized Forecast

Pfizer has significantly exceeded market observers' expectations with its latest quarterly figures and can look back on a successful third quarter. The company reported an adjusted earnings per share of 1.06 USD, compared to a loss of 17 cents in the same period last year and against the consensus of 0.62 USD. The pharmaceutical giant was able to increase its revenues to 17.70 billion USD, a remarkable increase of 31 percent compared to the previous year. Particularly noteworthy is the contribution from Paxlovid and recently launched products, as well as major commercial launches. Excluding revenues from Paxlovid and Comirnaty (COVID-19 products), revenues rose by 1.7 billion USD, representing an operational growth of 14 percent. Paxlovid revenues reached an impressive 2.7 billion USD in the third quarter of 2024, driven by increased demand in the US during a global COVID-19 wave. Comirnaty recorded an increase of 9 percent to 1.4 billion USD. Products such as the Vyndaqel medication family and Eliquis also posted significant revenue increases. Pfizer has raised its revenue forecast for 2024 to 61 to 64 billion USD, supported by increasing earnings from Comirnaty and Paxlovid. The updated forecast also takes into account growth momentum from the acquisition of Seagen. For the full year, Pfizer expects operational revenue growth between 9 and 11 percent. The new figures show that Pfizer not only benefited from the pandemic but is also built on a broad base through acquisitions and innovative products. The company's share price reacted positively, rising by 2.04 percent in pre-market trading to 29.45 USD.