▪ Full-Year 2024 Revenues of $63.6 Billion, Reflecting 7% Year-over-Year Operational Growth
– Excluding Contributions from Paxlovid and Comirnaty(1), Revenues Grew 12% Operationally
▪ Full-Year 2024 Reported(2) Diluted EPS of $1.41 and Adjusted(3) Diluted EPS of $3.11
▪ Fourth-Quarter 2024 Revenues of $17.8 Billion, Reflecting 21% Year-over-Year Operational Growth
– Excluding Contributions from Paxlovid and Comirnaty(1), Revenues Grew 11% Operationally
▪ Fourth-Quarter 2024 Reported(2) Diluted EPS of $0.07 and Adjusted(3) Diluted EPS of $0.63
▪ On Track to Deliver Overall Net Cost Savings of Approximately $4.5 Billion by End of 2025 from OngoingCost Realignment Program(4)
▪ Reaffirms All Components of Full-Year 2025 Financial Guidance(5), including Revenues in a Range of $61.0to $64.0 Billion and Adjusted(3) Diluted EPS in a Range of $2.80 to $3.00
NEW YORK, Tuesday, February 4, 2025 — Pfizer Inc. (NYSE: PFE) reported financial results for fourthquarter and full-year 2024 and reaffirmed its 2025 financial guidance(5) provided on December 17, 2024.
The fourth-quarter 2024 earnings presentation and accompanying prepared remarks from management as well asthe quarterly update to Pfizer’s R&D pipeline can be found at www.pfizer.com.
EXECUTIVE COMMENTARYDr. Albert Bourla, Chairman and Chief Executive Officer, stated: “2024 was a strong year of execution andperformance for Pfizer in which we met or exceeded our strategic and financial commitments, strengthened ourcompany and, most importantly, reached millions of patients with our medicines and vaccines. We made great progress with commercial execution and achieved growth across our product portfolio for full-year 2024,including $3.4 billion in revenue from our legacy Seagen portfolio, as well as robust growth from the Vyndaqelfamily, Eliquis, Xtandi, Nurtec, and several other products across all categories.
“I’m excited for what’s ahead and confident that we will enhance shareholder value as we sharpen our focus toimprove the productivity of our R&D pipeline and advance the clear strategic priorities guiding our company in2025.”
David Denton, Chief Financial Officer and Executive Vice President, stated: “We are pleased with the 12%operational revenue growth of Pfizer’s non-COVID products in full-year 2024, demonstrating our continued focuson commercial execution. We successfully delivered on our $4 billion net cost savings target from our ongoing cost realignment program, and, as captured in our 2025 financial guidance, we have increased our overall savingstarget to approximately $4.5 billion by the end of this year. In addition, we remain on track to deliver $1.5 billionof net cost savings from the first phase of our Manufacturing Optimization Program by the end of 2027, withinitial savings expected in the latter part of 2025. We remain confident in our ability to return to pre-pandemicoperating margins in the coming years.”
OVERALL RESULTS
In the first quarter of 2024, Pfizer reclassified royalty income (substantially all of which is related to ourBiopharma segment) from Other (income)/deductions––net to revenues and began presenting Royalty revenues asa separate line item within Total revenues in our consolidated statements of operations. Prior-period amounts havebeen recast to conform to the current presentation.
Some amounts in this press release may not add due to rounding. All percentages have been calculated usingunrounded amounts. References to operational variances pertain to period-over-period changes that exclude theimpact of foreign exchange rates(6).
Results for fourth quarter and full year 2024 and 2023(7) are summarized below
