Pfizer's Covid Product Sales Surge, Cost Cuts Boost Earnings

Pfizer Inc. (NYSE: PFE) reported fourth-quarter and full-year 2024 earnings that topped analysts' estimates, driven by stronger-than-expected sales of its Covid-19 products and the benefits of cost-cutting measures. The pharmaceutical giant's shares rose 2% in early trading on Wednesday.

For the fourth quarter, Pfizer reported adjusted diluted earnings per share (EPS) of 63 cents, surpassing the FactSet consensus estimate of 46 cents. Revenue came in at $17.76 billion, slightly ahead of the $17.36 billion estimate. The company's full-year 2024 EPS is expected to be in the range of $2.80 to $3.00, with revenue projected between $61.0 billion and $64.0 billion.

Pfizer's Covid-19 products, Comirnaty and Paxlovid, generated $17.76 billion in revenue for the year, up 22% from the same period last year. The company attributed the strong performance to higher-than-expected sales of its Covid-19 products, which offset a decline in revenue from other products.