While reporting financial results for the second quarter, drug major Pfizer Inc. (PFE) raised its adjusted earnings and revenue guidance for the full-year 2024.
For fiscal 2024, the company now projects adjusted earnings in a range of $2.45 to $2.65 per share on revenues between $59.5 billion and $62.5 billion, with revenues of about $8.5 billion for Comirnaty, about $5 billion for Paxlovid and about $3.5 billion from legacy Seagen.
Previously, the company expected adjusted earnings in the range of $2.15 to $2.35 per share on revenues between $58.5 billion and $61.5 billion, with revenues of about $5 billion for Comirnaty, about $3 billion for Paxlovid and about $3.1 billion from legacy Seagen.
On average, 21 analysts polled by Thomson Reuters expect the company to report earnings of $2.38 per share on revenues of $60.70 billion for the year. Analysts' estimates typically exclude special items.
Including the contribution from Seagen and excluding revenues from Comirnaty and Paxlovid, Pfizer now expects to achieve full-year 2024 operational revenue growth of 9 to 11 percent, compared to 2023 revenues, up from 8 to 10 percent provided on January 30, 2024.
The company has launched a manufacturing optimization program with anticipated cost savings of approximately $1.5 billion by the end of 2027.
The company is also on track to deliver at least $4 billion in net cost savings by end of 2024 from previously announced cost realignment program.
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