Pfizer Inc. has announced its financial results for the first quarter of 2024, reporting revenues of $14.9 billion. The company's solid performance reflects continued growth in key products and significant progress in executing its 2024 priorities.
The first-quarter results saw a year-over-year operational revenue decrease of 19%, primarily due to the expected decline in revenues from Comirnaty and Paxlovid. However, excluding these contributions, Pfizer achieved an 11% operational revenue growth.
Pfizer reported a first-quarter 2024 diluted EPS of $0.55 and an adjusted diluted EPS of $0.82. These figures include a favorable impact of $0.11 from a final revenue adjustment related to Paxlovid treatment courses returned by the U.S. government.
The company remains on track to deliver at least $4 billion in net cost savings by the end of 2024, as part of its previously announced cost realignment program. Pfizer reaffirmed its full-year 2024 revenue guidance of $58.5 to $61.5 billion and raised its adjusted diluted EPS guidance to $2.15 to $2.35.
Pfizer's first-quarter performance underscores its ability to drive growth in key areas despite challenges. The company's commitment to its financial targets and cost-saving initiatives positions it well for continued success throughout 2024.
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