Pfizer's Q1 2024 net income falls 44%

In the first quarter of 2024, Pfizer reported a significant decline in its financial performance compared to the same period in 2023. The company's net income dropped to $3.11 billion, representing a 44% decrease from the $5.54 billion recorded in Q1 2023. This downturn was reflected in the diluted earnings per share (EPS), which fell by 44% from $0.97 in Q1 2023 to $0.55 in Q1 2024.

The pharmaceutical firm's revenues for Q1 2024 amounted to $14.87 billion, a 20% fall from the $18.48 billion reported in the corresponding quarter of the previous year. The year-on-year operational decline was $3.5 billion, or 19%, primarily due to a significant reduction in global revenues from their Covid-19 therapies, Comirnaty and Paxlovid. Additionally, foreign exchange rates had an adverse impact on revenues, reducing them by $107 million, which is about 1%.

When excluding the contributions from Covid-19 treatments, Pfizer's revenues actually increased. The revenue from other products was $12.5 billion, showing an operational rise of 11% or $1.2 billion compared to Q1 2023. This growth was largely driven by strong performance in Pfizer’s non-Covid product portfolio.

Dr. Albert Bourla, Pfizer’s chairman and CEO, highlighted the company's achievements in the first quarter of 2024. He noted that there was a robust performance from several newly commercialized and acquired products, alongside significant year-on-year growth for key in-line brands such as the Vyndaqel family, Eliquis, and the Prevnar family. Additionally, the oncology segment saw substantial contributions from products like Ibrance, Xtandi, Padcev, and Adcetris. Dr. Bourla also mentioned that Paxlovid revenues indicated a successful entry into the US commercial market, underscoring the trust in the brand.

Based on its first-quarter performance, Pfizer has revised its adjusted diluted EPS guidance for the entire year of 2024. The company now anticipates an EPS range between $2.15 and $2.35, up from the previous forecast of $2.05 to $2.25. Furthermore, Pfizer projects its full-year 2024 revenues to be between $58.5 billion and $61.5 billion. This projection includes joint anticipated revenues of $8 billion from Comirnaty and Paxlovid, with Comirnaty expected to contribute $5 billion and Paxlovid $3 billion.

In addition to its financial updates, Pfizer recently received approval from the US Food and Drug Administration for its one-time gene therapy BEQVEZ (fidanacogene elaparvovec-dzkt). This therapy is intended to treat adults with moderate to severe hemophilia B, marking a significant advancement in the treatment options available for this condition.