Will Pfizer Beat Earnings In Q3?

In 2024, Pfizer is expected to demonstrate growth with projected revenue between $59.5 billion and $62.5 billion, following a challenging year in which sales fell by 42% to $58.5 billion in 2023. This downturn was primarily linked to reduced demand for its Covid-19 products, which had significantly bolstered their sales in 2021 and 2022. The company anticipates a revenue increase driven mainly by its new drugs, specifically Vyndaqel and Abrysvo, which have gained considerable market share. Pfizer reported earnings of $0.60 per share in the preceding quarter, slightly down from $0.67 the previous year. However, this reduction is countered by a strong performance in new drug sales, with Vyndaqel alone seeing a 71% revenue uptick. The overall revenue increase of 2% in Q2 of 2024, amounting to $13.3 billion, reflects growth mainly in oncology and specialty care, indicating a positive shift in Pfizer's revenue mix. Looking ahead, analysts predict Pfizer's earnings will rise moderately, estimating $2.62 per share in 2024. The stock is currently undervalued at around $29, with projections suggesting a potential increase to $34 per share, representing over 15% upside. Current market performance also demonstrates that PFE stock has struggled relative to broader market indices, raising questions about its volatility and future stability. Ultimately, while Pfizer has faced significant challenges post-pandemic, the company’s strategic focus on new products and market recovery appears set to pave the way for a more promising trajectory in 2024. It remains crucial for investors to stay informed on the pharmaceutical landscape as these developments unfold.