Pfizer Raises 2024 Earnings Forecast

Pfizer Inc. has revised its earnings forecast for 2024, now anticipating results that will exceed analyst expectations. This announcement follows a disappointing initial forecast at the start of the year. The pharmaceutical giant reported a better-than-expected performance in the second quarter, driven by sales growth in non-COVID related medications, particularly the blood thinner Eliquis. Following the news, Pfizer's shares saw an uptick in early morning trading. Despite a staggering 98% drop in net income to $41 million, largely due to a $1.3 billion restructuring charge for a manufacturing optimization program, Pfizer's total sales increased by 2% to $13.28 billion. This marks the first year-over-year growth since the peak of COVID-related revenue in late 2022. The company’s adjusted earnings for the quarter stood at 60 cents per share, surpassing analyst expectations of 46 cents per share on projected revenues of $12.96 billion. Sales of Eliquis rose by 7% to nearly $1.9 billion, while revenue from the heart treatment Vyndaqel surged by 69% to $1.32 billion. However, sales of the COVID-19 vaccine Comirnaty plummeted by 87% to $195 million. Looking ahead, Pfizer has adjusted its earnings guidance for the year to between $2.45 and $2.65 per share, an increase from its previous estimate of $2.15 to $2.35 per share, aligning with Wall Street's expectation of $2.36 per share for the full year.