Proactive Investors - US pharmaceutical multinational Pfizer Inc (NYSE:PFE, ETR:PFE)’s first-quarter 2024 revenues stood at $14.9 billion, reflecting a 19% operational decline year over year, primarily due to decreased revenues from COVID-related products Comirnaty and Paxlovid.
Excluding these products, revenues grew by 11%.
The pharma giant was hit by a 47% decline in the oncology segment, “largely due to lower net price”, while Sulperazon sales were down 45%, “driven largely by lower demand in China in the first quarter of 2024 as compared to the first quarter of 2023”.
Pfizer reported a diluted earnings per share of $0.55, with an adjusted figure of $0.82, reflecting an $0.11 favorable adjustment from Paxlovid revenue realignments.
Despite the drop in COVID-related sales, Pzifer expects a surge in seasonal demand towards the end of the year.
“Revenues continue to perform consistently with our expectations and we anticipate approximately 90% of sales to occur in the second half of the year, mostly in the fourth quarter given the anticipated seasonality of demand for COVID vaccinations,” said the group.
Pfizer raised its adjusted EPS guidance for full-year 2024 to between $2.15 and $2.35, while maintaining its revenue forecast between $58.5 and $61.5 billion.
Chairman and chief executive Albert Bourla stated: "We delivered strong performance in our non-COVID product portfolio in the first quarter of 2024, including increased revenue from several of our recent commercial launches and acquired products, as well as robust year-over-year growth for several key in-line brands, namely the Vyndaqel family, Eliquis, and the Prevnar family.”