Pfizer reported Q2 2024 total revenues increased 2% to $13.3 billion, driven by legacy Seagen products and growth from Vyndaqel family, Eliquis and Nurtec ODT/Vydura, partially offset by lower Comirnaty sales. Excluding COVID-19 products, revenues grew 14% operationally. The company posted a loss from continuing operations of $103 million compared to income of $2.3 billion in Q2 2023.The decline in earnings was primarily due to increased restructuring charges of $1.2 billion related to cost realignment initiatives, net losses on equity securities versus prior year gains, and higher interest expense. Cost of sales increased slightly to $3.3 billion while R&D expenses were relatively flat at $2.7 billion. The company maintained its focus on core growth drivers while managing through COVID franchise declines.Looking ahead, Pfizer expects operating cash flows to...Show More

Pfizer reported Q2 2024 total revenues increased 2% to $13.3 billion, driven by legacy Seagen products and growth from Vyndaqel family, Eliquis and Nurtec ODT/Vydura, partially offset by lower Comirnaty sales. Excluding COVID-19 products, revenues grew 14% operationally. The company posted a loss from continuing operations of $103 million compared to income of $2.3 billion in Q2 2023.The decline in earnings was primarily due to increased restructuring charges of $1.2 billion related to cost realignment initiatives, net losses on equity securities versus prior year gains, and higher interest expense. Cost of sales increased slightly to $3.3 billion while R&D expenses were relatively flat at $2.7 billion. The company maintained its focus on core growth drivers while managing through COVID franchise declines.Looking ahead, Pfizer expects operating cash flows to be significantly below typical levels this year, with revenue heavily weighted to Q4 2024 due to seasonality. The company continues executing its multi-year cost realignment program targeting $4 billion in net savings and launched a new manufacturing optimization program expected to deliver $1.5 billion in savings by 2027. Pfizer maintained its quarterly dividend at $0.42 per share.