The stock price of Pfizer Inc. went up 3.2% early Tuesday after the company beat expectations for the third quarter and raised its outlook for the whole year.
The drug company based in New York made a net income of $4.465 billion, or 78 cents per share, for the quarter. This is up from a loss of $2.382 billion, or 42 cents per share, during the same time last year. If you take out the one-time things, EPS was $1.06, which is a lot more than the 61-cent FactSet consensus.
Last year’s sales went up 31% to $17.702 billion, up from $13.491 billion. This was also a lot more than the $14.922 billion that FactSet predicted.
As planned, CFO David Denton said, “We are very pleased with the strong 14% operational revenue growth of Pfizer’s non-COVID products in the third quarter.” “This comes after a strong first half, which shows that we are still focused on business execution and confident in our ability to meet our financial guidance this year.”
This is the new range of earnings the company is predicting for the whole year: between $61 billion and $64 billion in sales and between $2.75 and $2.95 per share. It went from $59.5 billion to $62.5 billion and from $2.45 to $2.65 before.
Pfizer has been trying to start over since 2023, when some of the company’s predictions came true and caused its price to drop more than 40%. In October of last year, the business announced a plan to cut costs that would save at least $4 billion by the end of 2024.
The business said on Tuesday that it is on track to save at least $5.5 billion in net costs through previously announced cost-cutting plans. It hopes to make at least $4 billion by the end of the year, with about $1.5 billion coming from the first part of a program to improve the way it makes things.
During the recent global COVID wave, sales of the COVID-19 virus Paxlovid rose from $200 million to $2.7 billion, which helped the company make more money.
If you take out Paxlovid and Comirnaty, the company’s COVID vaccine, sales went up 14% to $13.6 billion from the previous year. Sales of Comirnaty went up by 9% to $1.4 billion because the new version vaccine was approved earlier in the U.S. in 2024 than in 2023.
Also, the company’s oncology program grew quickly, which helped bring in more money. This was made possible by the $854 million in income from old Seagen products. Pfizer bought Seagen for $43 billion in December of last year.
The Vyndaqel group of heart disease drugs saw their sales rise by 63%. This was due to high demand in developed areas around the world, including the United States.
Eliquis sales went up 9% because more people kept taking oral anticoagulants and the drug gained market share in the nonvalvular atrial fibrillation indication in the US and some European markets.
The migraine medicine Nurtec ODT/Vydura saw a 45% rise in sales.
The drug Xeljanz sales dropped 35% because fewer people were getting prescriptions for it around the world. On the other hand, Ibrance sales dropped 12% because of lower prices and competition in some developed countries.
The stock has gone up 0.2% so far this year, while the S&P 500 SPX has gone up 22%.
