Pfizer Inc. (NYSE: PFE) delivered a stronger-than-anticipated second-quarter performance, beating analyst estimates and prompting an upward revision of its annual profit forecast. The pharmaceutical leader’s stock surged more than 4% following the earnings release, reflecting investor optimism.
For Q2 2024, Pfizer reported earnings per share (EPS) of $0.78, significantly exceeding the $0.57 consensus forecast. Revenue climbed 10% year-over-year to $14.7 billion, surpassing expectations of $13.47 billion. The company attributed its robust performance to improved operational efficiency, lower tax rates, and favorable foreign exchange impacts.
Dr. Albert Bourla, Pfizer’s Chairman and CEO, highlighted the company’s strong execution, commercial momentum, and progress in its drug development pipeline as key factors behind the positive results. “This quarter demonstrates our ability to deliver both financial growth and innovative healthcare solutions,” Bourla stated.
In light of its Q2 success, Pfizer raised its full-year adjusted EPS guidance to $2.90–$3.10, a $0.10 increase at the midpoint. While the company maintained its revenue outlook of $61.0 billion to $64.0 billion for 2024, the upward revision in profit expectations signals confidence in continued margin improvements and cost management.
The strong earnings report reinforces Pfizer’s position as a leader in the pharmaceutical industry, with investors closely watching its pipeline developments and commercial strategy for sustained growth.
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