Pfizer Raises 2024 Guidance Amid Strong Q3 Earnings
Pfizer Raises 2024 Guidance Amid Strong Q3 Earnings

Pfizer Raises 2024 Guidance Amid Strong Q3 Earnings

News summary

Pfizer exceeded third-quarter expectations with earnings per share of $1.06 and revenue of $17.7 billion, driven primarily by its oncology and COVID-19 treatment segments, including a significant boost from Paxlovid sales. This performance led the company to raise its full-year guidance, now forecasting an adjusted EPS of $2.75 to $2.95 and revenue between $61 billion and $64 billion. Despite these achievements, Pfizer faces pressure from activist investor Starboard Value to improve its stock performance, which has lagged behind market indices. The company is countering this by focusing on strategic acquisitions, like the $43 billion purchase of Seagen, and cost-cutting measures expected to save up to $4 billion by 2024. While Pfizer's COVID vaccine and antiviral sales have declined from pandemic peaks, the firm is leveraging its oncology portfolio and new product pipeline to drive future growth. Shares saw a modest premarket rise following the earnings announcement, reflecting investor optimism about the company's strategic direction.

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