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.
Pfizer (PFE) came out with quarterly earnings of $1.06 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to loss of $0.17 per share a year ago.
Pfizer Inc (NYSE:PFE, ETR:PFE) has lifted full-year revenue guidance on the back of a rebound in demand for its Covid-19 products. Revenue is expected to sit between $61 billion and $64 billion over the year, Pfizer said in third-quarter results on Tuesday, marking a $1.5 billion increase on previous expectations.
Pfizer Q3 earnings beat expectations, driven by Paxlovid sales. Cost-saving goals aim for $4B by 2027 as Covid demand slows.
Drug company Pfizer saw strong growth for its heart-disease drugs and migraine treatment.
Pfizer raised its full-year profit forecast after better-than-expected sales of its COVID-19 treatment helped it beat Wall Street estimates for third-quarter earnings on Tuesday.
Pfizer reported third-quarter revenue and adjusted profit that blew past expectations. The company hiked its full-year outlook as its Covid vaccine and antiviral pill Paxlovid helped boost sales.