Throughout the Q3 reporting cycle, several companies, including Pfizer, Philip Morris, and Tenet Healthcare, have stolen the spotlight, with each raising guidance.
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The specter of an activist investor looms over the company.
In a Tuesday interview with CNBC's Jim Cramer, Pfizer CEO Albert Bourla struck a positive tone about activist investor Starboard Value, saying he agreed with some of its criticisms, but maintained that the company is headed in a good direction. "I think we are doing a lot of changes.
Pfizer, Inc. (NYSE:PFE ) Q3 2024 Earnings Conference Call October 29, 2024 10:00 AM ET Company Participants Francesca DeMartino - Chief Investor Relations Officer & SVP Albert Bourla - Chairman & CEO Dave Denton - CFO Mikael Dolsten - Chief Scientific Officer and President of Research & Development Chris Boshoff - EVP & Chief Oncology Officer Alexandre de Germay - EVP & Chief International Commercial Officer Conference Call Participants Chris Shibutani - Goldman Sachs Kripa Devarakonda - Truist Umer Raffat - Evercore Trung Huynh - UBS Louise Chen - Cantor Geoff Meacham - Citi Terence Flynn - Morgan Stanley Evan Seigerman - BMO Capital Markets Courtney Breen - Bernstein Steve Scala - TD Cowen Rajesh Kumar - HSBC Akash Tewari - Jefferies Vamil Divan - Guggenheim Securities Dave Risinger - Leerink Partners Chris Schott - JPMorgan Mohit Bansal - Wells Fargo Operator Good day, everyone, and welcome to Pfizer's Third Quarter 2024 Earnings Conference Call. Today's call is being recorded.
Pfizer shares have performed abysmally in recent years, as the company has failed to win investor confidence ahead of a wave of patent expirations coming by the end of the decade.
Despite today's fall in Pfizer's share price, it beat my and Wall Street analysts' expectations for the third quarter of 2024 by a large margin. Tafamidis franchise sales were $1.45 billion in Q3 2024, an increase of 9.4% quarter-on-quarter and 62.2% year-on-year. Meanwhile, sales of Padcev, approved for the treatment of urothelial cancer, amounted to $409 million for the three months ended September 30, 2024, an increase of 104.5% year-on-year.
The pharmaceutical company reported its third consecutive quarter with positive results.
Shares of Pfizer (PFE) fell Tuesday as a strong earnings report is seen as likely to limit activist investor Starboard Value from driving major changes at the drugmaker.
Pfizer's Q3 earnings smashed analysts' expectations, driven by a significant increase in COVID-related revenues, but the market remains skeptical about long-term growth. Despite strong financials and upgraded 2024 guidance, Pfizer's stock is down 2% in trading today, reflecting concerns that COVID revenue gains are temporary. Non-COVID segments showed mixed results, with underwhelming performance in Primary Care and Oncology, and limited returns from recent M&A activities.
PFE beats third-quarter estimates for earnings and sales. It raises 2024 earnings and revenue expectations.
The headline numbers for Pfizer (PFE) give insight into how the company performed in the quarter ended September 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.