Pfizer (NYSE:) shares rose 3% in premarket buying and selling Wednesday after the drugmaker reported Q1 earnings and income that beat analyst estimates.
Earnings per share (EPS) stood at $0.82, exceeding the consensus estimates of $0.53. Revenue got here in at $14.9 billion, additionally above the consensus projection of $14.04 billion.
Meanwhile, adjusted analysis and growth (R&D) bills had been reported at $2.48 billion, under the anticipated $2.66 billion. However, adjusted promoting, informational, and administrative (SI&A) bills had been barely greater at $3.45 billion in comparison with the forecast of $3.39 billion.
For the complete 12 months 2024, Pfizer forecasts an EPS vary of $2.15 to $2.35, towards a consensus of $2.21. Revenue projections vary from $58.5 to $61.5 billion, in comparison with the anticipated $60 billion.
This steering consists of anticipated revenues of roughly $8 billion from Comirnaty and Paxlovid ($5 billion and $3 billion, respectively) and round $3.1 billion from legacy Seagen merchandise.
“We delivered strong performance in our non-COVID product portfolio in the first quarter of 2024, including increased revenue from several of our recent commercial launches and acquired products, as well as robust year-over-year growth for several key in-line brands, namely the Vyndaqel family, Eliquis, and the Prevnar family,” stated Dr. Albert Bourla, Chairman and CEO.
“Overall, I am encouraged by a well-executed quarter, setting the tone for the year. Pfizer’s commercial leadership is focused on data-driven opportunities across several key growth brands, both in the U.S. and internationally, and we intend to build on this positive momentum in the quarters ahead.”
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