Pfizer lifts full-year guidance on bumper Q3 sales

29th Oct 2024 11:11

(Sharecast News) - Pfizer lifted its full-year guidance on Tuesday after third-quarter numbers beat Wall Street expectations.

The US drug giant said revenues jumped 31% in the three months to September end to $17.7bn, while adjusted diluted earnings per share were $1.06. Analysts had been expecting diluted adjusted EPS of 62 cents.

As a result, the firm raised its full-year revenue guidance to between $61bn and $64bn, from $59.5bn to $62.5bn.

Forecasts for adjusted diluted EPS were also lifted, to $2,75 to $2.95. Pfizer had previously guided for EPS in the range of $2.45 to $2.65.

The firm benefited from strong sales of antiviral Paxlovid during the latest Covid-19 wave. But it also saw significant demand for its non-Covid products, which include a number of cancer treatments. Excluding Paxlovid and Covid-19 vaccine Comirnaty, revenues grew 14% operationally during the quarter.

Albert Bourla, chief executive, said: "We delivered another strong quarter of results as we continued to execute with discipline, strengthen our commercial position and advice our pipeline.

"Our performance through the first three quarters of the year is the result of our focus on our most important strategic priorities. I am confident that we will deliver on our financial commitments in 2024."

Pfizer also said it remained on track to deliver net cost savings of $5.5bn, with at least $4bn of that expected by the end of the current year.

David Denton, chief financial officer, said: "We believe our ongoing cost reduction efforts set the company on a path toward further margin expansion."

As at 1145 GMT, Pfizer's shares were up 2% in pre-market trading.