Pfizer (NYSE:PFE) shares rose more than 1% at the start of trading on Tuesday after the drugmaker hiked full-year guidance and reported better-than-expected Q2 earnings and revenue.
The company’s earnings per share (EPS) in the second quarter stood at $0.60, surpassing the consensus estimate of $0.46. Revenue came in at $13.3 billion, also above the projected $13.03 billion.
Pfizer reported adjusted research and development expenses of $2.67 billion for the period, compared to the estimated $2.83 billion.
Looking forward, the pharmaceutical giant now projects FY2024 EPS of $2.45 to $2.65, up from the previous guidance of $2.15 to $2.35, and above the consensus estimate of $2.38.
The company has also raised its full-year 2024 revenue guidance to a range of $59.5 to $62.5 billion, up from $58.5 to $61.5 billion, and compared to the $60.7 billion expected by analysts.
Including contributions from Seagen and excluding revenues from Comirnaty and Paxlovid, Pfizer now expects to achieve full-year 2024 operational revenue growth of 9% to 11% compared to 2023 revenues, an increase from the 8% to 10% forecast provided on January 30, 2024.
“We are driving progress toward our 2024 strategic priorities through solid execution across the company,” said Dr. Albert Bourla, Chairman and Chief Executive Officer of Pfizer.
“I am pleased with the strong performance of our product portfolio in the second quarter led by several of our acquired products, key in-line brands and recent commercial launches. Notably, we achieved exceptional growth in our Oncology portfolio, with strong revenue contribution from our legacy-Seagen products.”
Following the earnings release, analysts at BMO Capital Markets said in a note that the company is "executing where it matters most."
It was a "solid quarter for Pfizer, with a top and bottom line beat ($13.28B vs. consensus $12.96B) and ($0.60 vs. $0.46 consensus), raising guidance for both topline, now $59.5-62.5B, and bottom line, now $2.45-2.65," added the firm. "[The] raise [was] somewhat expected given the company's initially conservative guide but still, we are encouraged to see PFE executing where it matters."