Pfizer's Q2 Earning Report

👉 Business Highlights:

➡️ Excluding Comirnaty and Paxlovid, revenues grew 14% operationally.

➡️ Exceptional growth in Oncology portfolio, driven by legacy-Seagen products.

➡️ Launched Manufacturing Optimization Program targeting $1.5B in savings by 2027.

➡️ On track to achieve $4B in net cost savings by end of 2024.

➡️ Raised full-year revenue guidance to $59.5B - $62.5B and adjusted EPS to $2.45 - $2.65.

👉 Business Segments:

➡️ Global Biopharmaceuticals: $12.991B, up 4% operationally.

➡️ Pfizer CentreOne: $278M, down 9% operationally.

➡️ Pfizer Ignite: $15M, up 47%.

👉 Cash Flow:

➡️ Operating Cash Flows: Detailed data not provided in the report.

➡️ Free Cash Flows: Detailed data not provided in the report.

👉 Share Repurchase:

➡️ No share repurchases in Q2 2024. Authorization remains at $3.3B.

👉 CEO Statement:

"We are driving progress toward our 2024 strategic priorities through solid execution across the company. I am pleased with the strong performance of our product portfolio in the second quarter led by several of our acquired products, key in-line brands and recent commercial launches. Notably, we achieved exceptional growth in our Oncology portfolio, with strong revenue contribution from our legacy-Seagen products. Overall, I am encouraged by our performance in the first half of 2024 and we remain focused on making a difference in the lives of patients as we continue to advance and strengthen our company."

👉 CFO Statement:

"This was Pfizer’s first quarter of topline revenue growth, on a year-over-year basis, since the fourth quarter of 2022 when our COVID revenues peaked. Importantly, the strong 14% operational revenue growth of our non-COVID products in the second quarter demonstrates our continued focus on commercial execution. In support of our stated strategic priority to realign our cost base, we continue to progress our cost realignment program. Additionally, with our more recent announcement of the first phase of our Manufacturing Optimization Program, we believe we are setting the foundation for future margin expansion."