Pfizer Reports Strong Full-Year 2024 Results Amid Cost-Cutting Measures and Growth in Non-COVID Portfolio

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Pfizer Inc. has reported strong financial results for the full year 2024, demonstrating resilience and growth across its product portfolio.

As of February 4, 2025, the pharmaceutical giant announced total revenues of $63.6 billion, reflecting a 7% operational growth compared to the previous year. This growth is particularly notable as it excludes contributions from COVID-19 products, which have seen fluctuating demand.

Key Financial Highlights

• Fourth Quarter Performance: Pfizer’s revenues for Q4 2024 reached $17.8 billion, marking a 21% operational growth year-over-year. When excluding COVID-related products, the revenue growth was still impressive at 11%.
• Earnings Per Share (EPS): The reported diluted EPS for the full year was $1.41, while the adjusted diluted EPS stood at $3.11. For Q4 alone, the reported diluted EPS was $0.07, with an adjusted EPS of $0.63.

Strategic Outlook

Pfizer has reaffirmed its financial guidance for 2025, projecting revenues between $61.0 billion and $64.0 billion.

The company expects adjusted diluted EPS to be in the range of $2.80 to $3.00, which indicates a robust operational growth of 10% to 18% from its 2024 baseline guidance.

Dr. Albert Bourla, Chairman and CEO of Pfizer, expressed confidence in the company’s trajectory, stating that their performance in 2024 reflects a disciplined focus on key strategic priorities. He emphasized that Pfizer is well-positioned to continue delivering value to patients and shareholders alike.

Growth Drivers

The growth in revenue has been attributed to several factors:

• A strong performance from non-COVID products, which saw a 21% increase in Q4.
• Continued demand for established drugs like Eliquis and Vyndaqel.
• Contributions from Pfizer’s Oncology products and recent commercial launches.

Cost Management Initiatives

Pfizer is also on track to achieve net cost savings of approximately $4 billion by the end of 2024 through ongoing cost realignment initiatives, with an additional estimated savings of $1.5 billion anticipated by 2027 from manufacturing optimization efforts.

As Pfizer moves forward into 2025, it aims to maintain this momentum while focusing on scientific advancements and enhancing its product offerings, ensuring continued growth and stability in an evolving market landscape.

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