Pfizer Reports Solid First-Quarter 2024 Financial Results

Pfizer delivered solid financial results for the first quarter of 2024, reflecting the continued growth of certain of the company’s key products and progress in executing its 2024 priorities. The company reported revenues of $14.9 billion, reflecting a 19% year-over-year operational decrease in revenues due primarily to the expected decline in COVID-19 revenues and a 11% year-over-year operational increase in revenues from the company’s non-COVID product portfolio.

During the first quarter of 2024, Pfizer delivered strong performance in its non-COVID product portfolio, progressed toward its oncology leadership, advanced its pipeline and continued to strengthen its business. The company takes pride in the potential impact its medicines and vaccines have on patients’ lives, with more than 119 million patients impacted globally in the first 3 months of the year.¹ As the company celebrates its 175^th anniversary this year, it will strive to continue to build on its history of driving medical and pharmaceutical breakthroughs.

“Overall, I am encouraged by a well-executed quarter, setting the tone for the year. Pfizer’s commercial leadership is focused on data-driven opportunities across several key growth brands, both in the U.S. and internationally, and we intend to build on this positive momentum in the quarters ahead,” said Dr. Albert Bourla, Chairman and Chief Executive Officer.

For more details, read Pfizer’s first-quarter 2024 earnings release.

Promising Product and Pipeline Developments

Pfizer continued to advance its non-COVID medicines and vaccines portfolios with a number of regulatory developments and notable pipeline milestones in the last few months.

The company received approval from the U.S. Food and Drug Administration for its first gene therapy for the treatment of adults with a rare genetic bleeding disorder and secured three approvals from the European Commission, including the first β-lactam/β-lactamase inhibitor antibiotic combination to be approved in the European Union. Within its oncology portfolio, Pfizer completed its European regulatory filing for the treatment of adults with recurrent or metastatic cervical cancer with disease progression on or after first-line therapy.

Also noteworthy within the quarter, Pfizer reported positive Phase 3 data in support of the company’s marketed respiratory syncytial virus vaccine and positive Phase 3 overall survival results from a late-stage trial evaluating its antibody-drug conjugate medicine for potential use in treating patients with an aggressive form of lymphoma.

For a comprehensive overview of Pfizer’s R&D pipeline, read the company’s latest pipeline snapshot.

Returning Value to Shareholders

Pfizer continued its plans to deploy capital designed to fuel future growth and return capital directly to shareholders.

In the first quarter of 2024, Pfizer reinvested $2.5 billion in internal R&D projects and returned capital directly to shareholders through $2.4 billion of cash dividends, or $0.42 per share of common stock.

“I am very pleased by the strong 11% operational revenue growth of our non-COVID products in the first quarter, demonstrating our focus on commercial execution. In addition, we continue to progress our cost realignment program and remain on track to deliver on our targeted cost savings goal by the end of the year,” said David Denton, Chief Financial Officer and Executive Vice President.

Please see below earnings highlights and visit Pfizer’s Investor Relations site for more information.

¹The Patients Impacted metric is calculated from Pfizer and third-party datasets. Figures may be limited given the coverage provided by external sources (e.g., calendar duration, geographic and product coverage) and are subject to change. Numbers are estimates and in some cases use global volume, daily dosage and number of treatment days to facilitate calculations. Methodologies to calculate estimates may vary by product type given the nature of the product and available data. Patients taking multiple Pfizer products may be counted as multiple patients towards total. Numbers do not include comprehensive estimated patient counts from Ex-US Access & Affordability programs. Historical estimates may periodically be subject to revision due to restatements in the underlying data source.

Forward-looking statements included herein, including those related to our anticipated operating and financial performance, including financial guidance and projections, our cost realignment program, and our anticipated product launches are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at www.pfizer.com and the SEC’s website at www.sec.gov. Also reference Pfizer’s first-quarter 2024 earnings release for additional information regarding our financial guidance details and assumptions.