- Full-Year 2024 Revenues of $63.6 Billion, Reflecting 7% Year-over-Year Operational Growth
- Excluding Contributions from Paxlovid and Comirnaty(1), Revenues Grew 12% Operationally
- Full-Year 2024 Reported(2) Diluted EPS of $1.41 and Adjusted(3) Diluted EPS of $3.11
- Fourth-Quarter 2024 Revenues of $17.8 Billion, Reflecting 21% Year-over-Year Operational Growth
- Excluding Contributions from Paxlovid and Comirnaty(1), Revenues Grew 11% Operationally
- Fourth-Quarter 2024 Reported(2) Diluted EPS of $0.07 and Adjusted(3) Diluted EPS of $0.63
- On Track to Deliver Overall Net Cost Savings of Approximately $4.5 Billion by End of 2025 from Ongoing Cost Realignment Program(4)
- Reaffirms All Components of Full-Year 2025 Financial Guidance(5), including Revenues in a Range of $61.0 to $64.0 Billion and Adjusted(3) Diluted EPS in a Range of $2.80 to $3.00
NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) reported financial results for fourth-quarter and full-year 2024 and reaffirmed its 2025 financial guidance(5) provided on December 17, 2024.
The fourth-quarter 2024 earnings presentation and accompanying prepared remarks from management as well as the quarterly update to Pfizer’s R&D pipeline can be found at www.pfizer.com.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “2024 was a strong year of execution and performance for Pfizer in which we met or exceeded our strategic and financial commitments, strengthened our company and, most importantly, reached millions of patients with our medicines and vaccines. We made great progress with commercial execution and achieved growth across our product portfolio for full-year 2024, including $3.4 billion in revenue from our legacy Seagen portfolio, as well as robust growth from the Vyndaqel family, Eliquis, Xtandi, Nurtec, and several other products across all categories.
“I’m excited for what’s ahead and confident that we will enhance shareholder value as we sharpen our focus to improve the productivity of our R&D pipeline and advance the clear strategic priorities guiding our company in 2025.”
David Denton, Chief Financial Officer and Executive Vice President, stated: “We are pleased with the 12% operational revenue growth of Pfizer’s non-COVID products in full-year 2024, demonstrating our continued focus on commercial execution. We successfully delivered on our $4 billion net cost savings target from our ongoing cost realignment program, and, as captured in our 2025 financial guidance, we have increased our overall savings target to approximately $4.5 billion by the end of this year. In addition, we remain on track to deliver $1.5 billion of net cost savings from the first phase of our Manufacturing Optimization Program by the end of 2027, with initial savings expected in the latter part of 2025. We remain confident in our ability to return to pre-pandemic operating margins in the coming years.”
OVERALL RESULTS
In the first quarter of 2024, Pfizer reclassified royalty income (substantially all of which is related to our Biopharma segment) from Other (income)/deductions––net to revenues and began presenting Royalty revenues as a separate line item within Total revenues in our consolidated statements of operations. Prior-period amounts have been recast to conform to the current presentation.
Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates(6).
Results for fourth quarter and full year 2024 and 2023(7) are summarized below.
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($ in millions, except per share amounts) | Fourth-Quarter | Full-Year | ||||
| 2024 | 2023 | Change | 2024 | 2023 | Change |
Revenues | $ 17,763 | $ 14,570 | 22% | $ 63,627 | $ 59,553 | 7% |
Reported(2) Net Income/(Loss) | 410 | (3,369) | * | 8,031 | 2,119 | * |
Reported(2) Diluted EPS/(LPS) | 0.07 | (0.60) | * | 1.41 | 0.37 | * |
Adjusted(3) Income | 3,592 | 593 | * | 17,716 | 10,501 | 69% |
Adjusted(3) Diluted EPS | 0.63 | 0.10 | * | 3.11 | 1.84 | 69% |
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* Indicates calculation not meaningful or results are greater than 100%. | ||||||
REVENUES
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($ in millions) | Fourth-Quarter |
| Full-Year | ||||||
| 2024 | 2023 | % Change |
| 2024 | 2023 | % Change | ||
| Total | Oper. |
| Total | Oper. | ||||
Global Biopharmaceuticals Business (Biopharma) | $ 17,413 | $ 14,186 | 23% | 22% |
| $ 62,400 | $ 58,237 | 7% | 8% |
Pfizer CentreOne (PC1) | 325 | 364 | (11%) | (11%) |
| 1,146 | 1,272 | (10%) | (10%) |
Pfizer Ignite | 26 | 20 | 30% | 30% |
| 82 | 44 | 85% | 85% |
TOTAL REVENUES | $ 17,763 | $ 14,570 | 22% | 21% |
| $ 63,627 | $ 59,553 | 7% | 7% |
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2025 FINANCIAL GUIDANCE(5)
Pfizer’s 2025 financial guidance(5) is presented below.
Revenues | $61.0 to $64.0 billion |
Adjusted(3) SI&A Expenses | $13.3 to $14.3 billion |
Adjusted(3) R&D Expenses | $10.7 to $11.7 billion |
Effective Tax Rate on Adjusted(3) Income | Approximately 15.0% |
Adjusted(3) Diluted EPS | $2.80 to $3.00 |
CAPITAL ALLOCATION
In 2024, Pfizer deployed its capital in a variety of ways, which primarily included:
- Reinvested capital into initiatives intended to enhance the future growth prospects of the company, including:
- $10.8 billion invested in internal research and development projects, and
- Approximately $300 million invested in business development transactions.
- Returned capital directly to shareholders through $9.5 billion of cash dividends, or $1.68 per share of common stock.
No share repurchases were completed in 2024. As of February 4, 2025, Pfizer’s remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any share repurchases in 2025. Pfizer expects to sufficiently de-lever its balance sheet by the end of 2025 in order to return to a more balanced capital allocation strategy. This includes the flexibility to deploy capital towards potential value-creating business development transactions and the potential to return capital to shareholders through share repurchases.
For the fourth quarter of 2024, diluted weighted-average shares outstanding of 5,703 million were used to calculate Reported(2) and Adjusted(3) diluted EPS. For the fourth quarter of 2023, basic weighted-average shares outstanding of 5,647 million were used to calculate Reported(2) LPS and diluted weighted-average shares outstanding of 5,692 million were used to calculate Adjusted(3) diluted EPS.
QUARTERLY FINANCIAL HIGHLIGHTS (Fourth-Quarter 2024 vs. Fourth-Quarter 2023)
Fourth-quarter 2024 revenues totaled $17.8 billion, an increase of $3.2 billion, or 22%, compared to the prior-year quarter, reflecting an operational increase of $3.1 billion, or 21%, primarily due to a one-time, non-cash Paxlovid revenue reversal(8) of $3.5 billion recorded in fourth-quarter 2023 and, to a lesser extent, growth contributions in fourth-quarter 2024 from the legacy Seagen portfolio, the Vyndaqel family, higher Paxlovid sales year-over-year (when excluding the $3.5 billion revenue reversal(8)), higher sales in several other products across all categories, and a favorable impact of foreign exchange of $62 million (or less than 1%); partially offset by a $2.0 billion decline in Comirnaty(1) revenues. Excluding contributions from Paxlovid and Comirnaty(1), fourth-quarter 2024 revenues totaled $13.7 billion, an increase of $1.3 billion, or 11%, operationally compared with the prior-year quarter.
Fourth-quarter 2024 Comirnaty(1) revenues of $3.4 billion decreased $2.0 billion, or 38%, operationally compared with the prior-year quarter, driven primarily by fewer COVID-19 vaccinations globally as well as lower contracted doses.
Fourth-quarter 2024 Paxlovid revenues of $727 million increased $3.9 billion operationally compared with $(3.1) billion of revenues recorded in the prior-year quarter, primarily driven by the transition to traditional commercial market sales in the U.S. including a one-time, non-cash revenue reversal(8) of $3.5 billion recorded in fourth-quarter 2023.
Excluding contributions from Comirnaty(1) and Paxlovid, fourth-quarter 2024 operational revenue growth was driven primarily by:
- Global revenues of $915 million from legacy Seagen compared with $132 million of revenue in fourth-quarter 2023 following the completion of the acquisition in mid-December 2023;
- Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up 60% operationally, driven largely by strong demand with continuing uptake in patient diagnosis, primarily in the U.S. and international developed markets, as well as increased affordability in the U.S.;
- Eliquis globally, up 13% operationally, driven primarily by continued oral anti-coagulant adoption and market share gains in the non-valvular atrial fibrillation indication in the U.S. and certain markets in Europe, partially offset by declines due to loss of patent-based exclusivity and generic competition in certain international markets;
- Nurtec ODT/Vydura globally, up 39% operationally, driven primarily by strong demand in the U.S. and, to a much lesser extent, recent launches in international markets, partially offset by lower net price in the U.S. due to unfavorable changes in channel mix; and
- Xtandi, up 24% operationally, driven primarily by strong demand due to uptake of the non-metastatic castration-sensitive prostate cancer (nmCSPC) indication following approval in the fourth quarter of 2023 and increased affordability in the U.S.;
partially offset primarily by lower revenues for:
- Abrysvo globally, down 62% operationally, driven primarily by a significant reduction in vaccination rates in the U.S. for the older adult indication as a result of a narrowing market opportunity given the current recommendations from the Advisory Committee on Immunization Practices (ACIP), partially offset by improved market share for the adult indication and strong demand for the maternal indication (launched in December 2023) as well as launch uptake for both indications in certain international markets;
- Xeljanz globally, down 29% operationally, driven primarily by lower demand globally resulting from ongoing shifts in prescribing patterns related to label changes, as well as lower net price in the U.S. and the impact of regulatory exclusivity expiry in Canada; and
- Oncology biosimilars globally, down 35% operationally, driven primarily by supply constraints in certain products, as well as both lower demand and lower net price in the U.S. and, to a lesser extent, in certain international markets.
GAAP Reported(2) Statement of Operations Highlights
SELECTED REPORTED(2) COSTS AND EXPENSES
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($ in millions) | Fourth-Quarter |
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| 2024 | 2023 | % Change |
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| 2024 | 2023 | % Change | ||
| Total | Oper. |
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| Total | Oper. | ||||
Cost of Sales(2) | $ 5,909 | $ 7,562 | (22%) | (22%) |
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| $ 17,851 | $ 24,954 | (28%) | (28%) |
Percent of Revenues | 33.3% | 51.9% | N/A | N/A |
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| 28.1% | 41.9% | N/A | N/A |
SI&A Expenses(2) | 4,274 | 4,575 | (7%) | (7%) |
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| 14,730 | 14,771 | — | — |
R&D Expenses(2) | 3,035 | 2,815 | 8% | 8% |
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| 10,822 | 10,679 | 1% | 1% |
Acquired IPR&D Expenses(2) | 88 | 73 | 21% | 21% |
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| 108 | 194 | (44%) | (44%) |
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Other (Income)/Deductions—net(2) | 2,358 | (159) | * | * |
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| 4,388 | 222 | * | * |
Effective Tax Rate on Reported(2) Income/(Loss) | * | 19.2% |
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| (0.4%) | * |
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* Indicates calculation not meaningful or results are greater than 100%.
Fourth-quarter 2024 Cost of Sales(2) as a percentage of revenues decreased by 18.6 percentage points compared to the prior-year quarter, driven primarily by favorable changes in sales mix as a result of significantly lower sales of Comirnaty(1), which resulted in a lower related charge for the 50% gross profit split with BioNTech and applicable royalty expenses in the quarter; and the favorable year-over-year impact related to the $3.5 billion non-cash Paxlovid revenue reversal(8) recorded in fourth-quarter 2023.
Fourth-quarter 2024 SI&A Expenses(2) decreased 7% operationally compared with the prior-year quarter, driven primarily by a decrease in marketing and promotional spend for various products, including Comirnaty(1) and Paxlovid, partially offset by an increase in spending for certain oncology and recently launched and acquired products.
Fourth-quarter 2024 R&D Expenses(2) increased 8% operationally compared with the prior-year quarter, driven primarily by a net increase in spending mainly to develop certain product candidates acquired from Seagen, as well as increased compensation-related expenses; partially offset by lower spending on certain ongoing vaccine programs and as a result of our cost realignment program.
The unfavorable period-over-period change in Other (income)/deductions—net(2) of $2.5 billion for the fourth quarter of 2024, compared with the prior-year quarter, was driven primarily by (i) lower net gains on equity securities, (ii) net periodic benefit costs associated with pension and postretirement plans incurred in the fourth quarter of 2024 versus net periodic benefit credits incurred in the fourth quarter of 2023 and (iii) higher net interest expense; partially offset by gains on the partial sale of our investment in Haleon plc (Haleon). Included in Other (income)/deductions—net(2) are total non-cash intangible asset impairment charges of $2.9 billion that were taken in the fourth quarter of 2024 due to changes in development plans and updated long-range commercial forecasts.
Pfizer’s effective tax rate on Reported(2) income for the fourth quarter of 2024 is primarily due to changes in the jurisdictional mix of earnings, partially offset by a tax benefit related to the Transition Tax liability under the Tax Cuts and Jobs Act of 2017.
Adjusted(3) Statement of Operations Highlights
SELECTED ADJUSTED(3) COSTS AND EXPENSES
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($ in millions) | Fourth-Quarter |
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| Full-Year | ||||||
| 2024 | 2023 | % Change |
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| 2024 | 2023 | % Change | ||
| Total | Oper. |
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| Total | Oper. | ||||
Adjusted(3) Cost of Sales | $ 5,742 | $ 7,265 | (21%) | (21%) |
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| $ 16,420 | $ 23,988 | (32%) | (31%) |
Percent of Revenues | 32.3% | 49.9% | N/A | N/A |
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| 25.8% | 40.3% | N/A | N/A |
Adjusted(3) SI&A Expenses | 4,275 | 4,471 | (4%) | (4%) |
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| 14,617 | 14,446 | 1% | 2% |
Adjusted(3) R&D Expenses | 2,986 | 2,770 | 8% | 8% |
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| 10,694 | 10,568 | 1% | 1% |
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Adjusted(3) Other (Income)/Deductions—net | 234 | (494) | * | * |
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| 1,031 | (1,224) | * | * |
Effective Tax Rate on Adjusted(3) Income | 18.9% | (24.0%) |
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| 14.5% | 9.0% |
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* Indicates calculation not meaningful or results are greater than 100%. | ||||||||||
See the reconciliations of certain Reported(2) to non-GAAP Adjusted(3) financial measures and associated footnotes in the financial tables section of this press release located at the hyperlink below.
FULL-YEAR REVENUE SUMMARY (Full-Year 2024 vs. Full-Year 2023)
Full-year 2024 revenues totaled $63.6 billion, an increase of $4.1 billion, or 7%, compared to full-year 2023, reflecting an operational increase of $4.4 billion, or 7%, partially offset by an unfavorable impact of foreign exchange of $349 million, or approximately 1%. Excluding contributions from Comirnaty(1) and Paxlovid, revenues for the full-year grew 12% operationally.
The operational revenue growth compared to the prior year was driven primarily by significantly higher global revenues for Paxlovid largely due to one-time items(8) recorded in the fourth quarter of 2023 and in 2024, the addition of legacy Seagen revenues in full-year 2024 following the acquisition in December 2023, and continued growth from the Vyndaqel family; partially offset by significantly lower revenues for Comirnaty(1).
RECENT NOTABLE DEVELOPMENTS (Since October 29, 2024)
Product Developments
Product/Project | Recent Development | Link |
Braftovi (encorafenib) | February 2025. Announced positive topline results from the progression-free survival (PFS) analysis of the Phase 3 BREAKWATER study of Braftovi in combination with cetuximab (marketed as Erbitux®(9)) and mFOLFOX6 (fluorouracil, leucovorin and oxaliplatin) in patients with metastatic colorectal cancer (mCRC) harboring a BRAF V600E mutation. The trial showed a statistically significant and clinically meaningful improvement in PFS, one of its dual primary endpoints, as assessed by blinded independent central review (BICR) compared to patients receiving chemotherapy with or without bevacizumab. Further, the Braftovi combination regimen demonstrated a statistically significant and clinically meaningful improvement in overall survival (OS), a key secondary endpoint in the trial. At the time of the objective response rate (ORR) analysis, the safety profile of Braftovi in combination with cetuximab and mFOLFOX6 continued to be consistent with the known safety profile of each respective agent. No new safety signals were identified. These results will be shared with the U.S. Food and Drug Administration (FDA) to support potential conversion to full approval. | |
December 2024. Announced the FDA granted accelerated approval to Braftovi in combination with cetuximab (marketed as Erbitux®(9)) and mFOLFOX6 (fluorouracil, leucovorin, and oxaliplatin) for the treatment of patients with mCRC with a BRAF V600E mutation, as detected by an FDA-approved test. Approval was based on a statistically significant and clinically meaningful improvement in response rate and durability of response in treatment-naïve patients treated with Braftovi in combination with cetuximab and mFOLFOX6 from the Phase 3 BREAKWATER trial. Continued approval for this indication is contingent upon verification of clinical benefit. Data from the Phase 3 BREAKWATER trial was recently presented at the 2025 American Society of Clinical Oncology Gastrointestinal Cancer Symposium (ASCO GI) and were simultaneously published in Nature Medicine. | ||
Hympavzi (marstacimab-hncq) | November 2024. Announced the European Commission (EC) granted marketing authorization for Hympavzi for the routine prophylaxis of bleeding episodes in adults and adolescents 12 years and older weighing at least 35 kg with severe hemophilia A (congenital factor VIII [FVIII] deficiency, FVIII <1%) without FVIII inhibitors, or severe hemophilia B (congenital factor IX [FIX] deficiency, FIX <1%) without FIX inhibitors. | |
Ibrance (palbociclib) | December 2024. Pfizer and Alliance Foundation Trials, LLC presented results from the Phase 3 PATINA trial demonstrating that the addition of Ibrance to current standard-of-care first-line maintenance therapy (following induction chemotherapy) resulted in statistically significant and clinically meaningful improvement in PFS by investigator assessment in patients with hormone receptor-positive (HR+), human epidermal growth factor receptor 2-positive (HER2+) metastatic breast cancer (MBC). The safety and tolerability of Ibrance in the PATINA study was consistent with its known safety profile in HR+, human epidermal growth factor receptor 2-negative (HER2-) MBC; no new safety signals were identified. |
Pipeline Developments
A comprehensive update of Pfizer’s development pipeline was published today and is now available at www.pfizer.com/science/drug-product-pipeline. It includes an overview of Pfizer’s research and a list of compounds in development with targeted indication and phase of development, as well as mechanism of action for some candidates in Phase 1 and all candidates from Phase 2 through registration.
Product/Project | Recent Development | Link |
sasanlimab | January 2025. Announced positive topline results from the pivotal Phase 3 CREST trial evaluating sasanlimab, an investigational anti-PD-1 monoclonal antibody (mAb), in combination with Bacillus Calmette-Guérin (BCG) as induction therapy with or without maintenance in patients with BCG-naïve, high-risk non-muscle invasive bladder cancer (NMIBC). The study met its primary endpoint of event-free survival (EFS) by investigator assessment, demonstrating a clinically meaningful and statistically significant improvement with sasanlimab in combination with BCG (induction and maintenance) as compared to BCG alone (induction and maintenance). The overall safety profile of sasanlimab in combination with BCG was generally consistent with the known profile of BCG and data reported from clinical trials with sasanlimab. The profile of sasanlimab was also generally consistent with the reported safety profile of PD-1 inhibitors. | |
vepdegestrant | December 2024. Arvinas, Inc. and Pfizer presented preliminary data from the ongoing Phase 1b portion of the TACTIVE-U sub-study of vepdegestrant in combination with abemaciclib among patients with locally advanced or metastatic estrogen receptor positive (ER+)/human epidermal growth factor receptor 2 negative (HER2-) breast cancer at the 2024 San Antonio Breast Cancer Symposium (SABCS). Vepdegestrant in combination with abemaciclib demonstrated encouraging clinical activity in patients previously treated with a CDK4/6 inhibitor with safety and tolerability of the combination generally consistent with the profile of abemaciclib and what has been observed in other clinical trials of vepdegestrant; no significant drug-drug interactions were observed between vepdegestrant and abemaciclib. The findings support the ongoing Phase 2 portion of the study, which is evaluating full dose abemaciclib 150 mg twice daily (BID) in combination with vepdegestrant 200 mg once daily (QD) in post-CDK4/6 advanced breast cancer. |
Corporate Developments
Topic | Recent Development | Link |
Executive Leadership | November 2024. Announced Chris Boshoff, M.D., Ph.D., as Chief Scientific Officer and President, Research & Development effective January 1, 2025. In his new role, Dr. Boshoff remains a member of Pfizer’s Executive Leadership Team reporting to Chairman and Chief Executive Officer, Dr. Albert Bourla, and oversees all functions of R&D across all therapeutic areas.
Pfizer’s Oncology R&D organization maintains its fully integrated structure with Roger Dansey, M.D. serving as Interim Chief Oncology Officer, reporting to Dr. Boshoff. Dr. Dansey will assist Dr. Boshoff in selecting a permanent Chief Oncology Officer, after which time he will retire from Pfizer. Dr. Dansey will also facilitate a smooth transition of his responsibilities as Chief Development Officer, Oncology to his successor, Johanna Bendell, M.D., who will join Pfizer from Roche in 2025. | |
Haleon Stock Sale | January 2025. Pfizer sold 700 million ordinary shares of its investment in Haleon to institutional investors for total net consideration of approximately $3.0 billion. After the share sale, Pfizer’s ownership interest in Haleon was reduced from approximately 15% to approximately 7%. | N/A |
Sangamo Therapeutics | December 2024. Terminated a global collaboration and license agreement with Sangamo Therapeutics, returning development and commercialization rights to giroctocogene fitelparvovec, an investigational gene therapy candidate for the treatment of adults with moderately severe to severe hemophilia A, to Sangamo. The agreement will terminate effective April 21, 2025, at which time Pfizer will transition the giroctocogene fitelparvovec program back to Sangamo. | N/A |
U.S. Commercial Model | December 2024. Announced Pfizer’s Commercial Oncology organization, previously reporting to Chris Boshoff, M.D., Ph.D., will move into Pfizer’s U.S. Commercial organization under Aamir Malik, Executive Vice President and Chief U.S. Commercial Officer effective January 1, 2025, creating a single U.S. commercial division. | N/A |
Please find Pfizer’s press release and associated financial tables, including reconciliations of certain GAAP reported to non-GAAP adjusted information, at the following hyperlink:
Contacts
Media
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212.733.1226
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212.733.4848
