Pfizer beats Q4, FY ’24 earnings estimates, stock flat in early trading

Pfizer (PFE) reported fourth quarter and full-year 2024 earnings results Tuesday, narrowly beating Wall Street expectations and its stock remained flat after market open.

Pfizer reported $63.6 billion in revenue for the full year, up 7% compared to 2023. The full-year revenue beat Wall Street consensus estimates of $62.9 billion, and earnings per share of $3.12 beat estimates of $2.97.

For the fourth quarter of 2024, Pfizer reported $17.8 billion, compared to consensus estimates of $17.3 billion, marking a 21% increase from the same quarter in 2023.

The company continues to focus on downsizing as COVID-19 product revenue and demand wane, as it has to appease a dubious Wall Street about its future. Pfizer has announced a plan to realize $4.5 billion in savings by the end of 2025 and an additional $1.5 billion by 2027 from things like downsizing manufacturing and cutting some R&D programs.

The company also managed to avoid an activist takeover of its board earlier this year, giving it a boost amid several other headwinds the company continues to battle into 2025.

Investors remain vigilant as Pfizer continues to build its pipeline and realize returns on recent acquisitions — which the company needs in order to balance out revenue losses expected from patent expirations this decade. That includes cancer drugs from its $43 billion Seagen takeover, as well as other smaller deals in the past two years.

Pfizer is also facing another year of Medicare price negotiations this year, after having to negotiate blood thinner Eliquis, made with Bristol Myers Squibb (BMY), last year. The new list includes breast cancer drug Ibrance and prostate cancer drug Xtandi. With three drug prices controlled by Medicare, plus potential negative impact from the new Trump administration’s stance on vaccines and approvals moving forward, the company faces some exposure to pressure from government action.

In this photo illustration, the American multinational pharmaceutical corporation Pfizer (NYSE: PFE) logo seen displayed on a smartphone with an economic stock exchange index…..

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