What drove PFE's significant earnings beat in Q3?

Pfizer's significant earnings beat in Q3 2024 can be attributed to several key factors:

1. **Strong Revenue Growth**: Pfizer's total revenue for the quarter was $17.7 billion, representing a 32% operational growth. This growth was driven by the performance of key products such as Paxlovid and COMIRNATY, which generated revenue of $2.7 billion and $1.4 billion, respectively.
2. **Paxlovid and COMIRNATY Sales**: The sales of Paxlovid, which is used to treat COVID-19, contributed significantly to the revenue growth. In addition to the $2.7 billion in revenue, Paxlovid also generated $442 million from the US government strategic national stockpile.
3. **Non-COVID Products**: The company's non-COVID products revenue stood at $13.6 billion, reflecting a 14% operational year-over-year growth. This indicates that Pfizer's other products, including Prevnar, Vyndaqel, and Eliquis, are performing well and contributing to the overall revenue growth.
4. **Strategic Priorities**: Pfizer's focus on growing its oncology segment is paying off, with the company hosting an Innovation Day to highlight its fully integrated organization and robust portfolio in this area. The growth in the oncology segment is a key driver of the company's financial performance.

In conclusion, Pfizer's significant earnings beat in Q3 2024 is primarily driven by the strong revenue growth from its key products, particularly Paxlovid and COMIRNATY, along with the successful execution of its strategic priorities.