04 February 2025 | Tuesday | Company results
Albert Bourla
Pfizer Inc. reported robust financial results for the full year 2024, achieving total revenues of $63.6 billion, reflecting a 7% year-over-year operational growth. Notably, when excluding contributions from Paxlovid and Comirnaty, operational revenue growth reached 12%. The company's cost-saving initiatives, strategic acquisitions, and portfolio expansion contributed to its strong performance, despite declining COVID-related product sales.
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “2024 was a strong year of execution and performance for Pfizer in which we met or exceeded our strategic and financial commitments, strengthened our company 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 Vyndaqel family, 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 to improve the productivity of our R&D pipeline and advance the clear strategic priorities guiding our company in 2025.”
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 focus on 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 savings target to approximately $4.5 billion by the end of this year. In addition, we remain on track to deliver $1.5 billion of net cost savings from the first phase of our Manufacturing Optimization Program by the end of 2027, with initial savings expected in the latter part of 2025. We remain confident in our ability to return to pre-pandemic operating margins in the coming years.”
Total Revenues: $63.6 billion (+7% YoY growth)
Adjusted Net Income: $17.7 billion (+69% YoY)
Adjusted Diluted EPS: $3.11 (+69% YoY)
Reported Net Income: $8.0 billion
Reported Diluted EPS: $1.41
Operational Revenue Growth (excluding Paxlovid & Comirnaty): 12%
Total Revenues: $17.8 billion (+21% operational growth YoY)
Adjusted Net Income: $3.6 billion
Adjusted Diluted EPS: $0.63
Reported Net Income: $410 million
Reported Diluted EPS: $0.07
Pfizer’s non-COVID product portfolio showed strong growth, led by:
Seagen portfolio: $3.4 billion in revenue contribution
Vyndaqel family: Up 60% operationally, driven by increased diagnoses
Eliquis: 13% operational growth, benefiting from continued market share expansion
Xtandi: 24% operational growth due to demand in prostate cancer treatments
Nurtec ODT/Vydura: Up 39% operationally, driven by U.S. demand and new market entries
Comirnaty revenues fell 38% YoY in Q4 2024, contributing $3.4 billion in revenue.
Paxlovid sales increased due to a commercial market transition in the U.S., generating $727 million in Q4.
The declining demand for COVID-19 vaccines globally has led Pfizer to focus on diversifying its portfolio.
Net cost savings of $4 billion achieved in 2024 from cost realignment efforts.
Targeting $4.5 billion in overall net cost savings by 2025.
Manufacturing Optimization Program expected to deliver $1.5 billion in savings by 2027.
Pfizer reaffirmed its 2025 guidance, forecasting:
Revenue range: $61.0 - $64.0 billion
Adjusted EPS range: $2.80 - $3.00
Continued focus on R&D investments with $10.7 - $11.7 billion allocated for innovation.
Pfizer reinvested $10.8 billion into R&D in 2024.
$9.5 billion in dividends paid to shareholders ($1.68 per share).
No share repurchases were made in 2024, with a remaining authorization of $3.3 billion.
Prioritizing debt reduction before considering future share buybacks.
Declining sales from COVID-related products impacting revenue mix.
Generic and biosimilar competition eroding market share in some segments.
Regulatory challenges and evolving pricing policies in key markets.
R&D pipeline execution remains critical for sustained long-term growth.
RECENT NOTABLE DEVELOPMENTS (Since October 29, 2024)
Product Developments
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Product/Project |
Recent Development |
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Braftovi (encorafenib) |
February 2025. Announced positive topline results from the progression-free survival (PFS) analysis of the Phase 3 BREAKWATER study of Braftovi in combination with cetuximab (marketed as Erbitux®(9)) and mFOLFOX6 (fluorouracil, leucovorin and oxaliplatin) in patients with metastatic colorectal cancer (mCRC) harboring a BRAF V600E mutation. The trial showed a statistically significant and clinically meaningful improvement in PFS, one of its dual primary endpoints, as assessed by blinded independent central review (BICR) compared to patients receiving chemotherapy with or without bevacizumab. Further, the Braftovi combination regimen demonstrated a statistically significant and clinically meaningful improvement in overall survival (OS), a key secondary endpoint in the trial. At the time of the objective response rate (ORR) analysis, the safety profile of Braftovi in combination with cetuximab and mFOLFOX6 continued to be consistent with the known safety profile of each respective agent. No new safety signals were identified. These results will be shared with the U.S. Food and Drug Administration (FDA) to support potential conversion to full approval. |
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December 2024. Announced the FDA granted accelerated approval to Braftovi in combination with cetuximab (marketed as Erbitux®(9)) and mFOLFOX6 (fluorouracil, leucovorin, and oxaliplatin) for the treatment of patients with mCRC with a BRAF V600E mutation, as detected by an FDA-approved test. Approval was based on a statistically significant and clinically meaningful improvement in response rate and durability of response in treatment-naïve patients treated with Braftovi in combination with cetuximab and mFOLFOX6 from the Phase 3 BREAKWATER trial. Continued approval for this indication is contingent upon verification of clinical benefit. Data from the Phase 3 BREAKWATER trial was recently presented at the 2025 American Society of Clinical Oncology Gastrointestinal Cancer Symposium (ASCO GI) and were simultaneously published in Nature Medicine. |
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Hympavzi (marstacimab-hncq) |
November 2024. Announced the European Commission (EC) granted marketing authorization for Hympavzi for the routine prophylaxis of bleeding episodes in adults and adolescents 12 years and older weighing at least 35 kg with severe hemophilia A (congenital factor VIII [FVIII] deficiency, FVIII <1%) without FVIII inhibitors, or severe hemophilia B (congenital factor IX [FIX] deficiency, FIX <1%) without FIX inhibitors. |
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Ibrance (palbociclib) |
December 2024. Pfizer and Alliance Foundation Trials, LLC presented results from the Phase 3 PATINA trial demonstrating that the addition of Ibrance to current standard-of-care first-line maintenance therapy (following induction chemotherapy) resulted in statistically significant and clinically meaningful improvement in PFS by investigator assessment in patients with hormone receptor-positive (HR+), human epidermal growth factor receptor 2-positive (HER2+) metastatic breast cancer (MBC). The safety and tolerability of Ibrance in the PATINA study was consistent with its known safety profile in HR+, human epidermal growth factor receptor 2-negative (HER2-) MBC; no new safety signals were identified. |
Pipeline Developments
A comprehensive update of Pfizer’s development pipeline was published today and is now available at www.pfizer.com/science/drug-product-pipeline. It includes an overview of Pfizer’s research and a list of compounds in development with targeted indication and phase of development, as well as mechanism of action for some candidates in Phase 1 and all candidates from Phase 2 through registration.
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Product/Project |
Recent Development |
Link |
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sasanlimab |
January 2025. Announced positive topline results from the pivotal Phase 3 CREST trial evaluating sasanlimab, an investigational anti-PD-1 monoclonal antibody (mAb), in combination with Bacillus Calmette-Guérin (BCG) as induction therapy with or without maintenance in patients with BCG-naïve, high-risk non-muscle invasive bladder cancer (NMIBC). The study met its primary endpoint of event-free survival (EFS) by investigator assessment, demonstrating a clinically meaningful and statistically significant improvement with sasanlimab in combination with BCG (induction and maintenance) as compared to BCG alone (induction and maintenance). The overall safety profile of sasanlimab in combination with BCG was generally consistent with the known profile of BCG and data reported from clinical trials with sasanlimab. The profile of sasanlimab was also generally consistent with the reported safety profile of PD-1 inhibitors. |
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vepdegestrant |
December 2024. Arvinas, Inc. and Pfizer presented preliminary data from the ongoing Phase 1b portion of the TACTIVE-U sub-study of vepdegestrant in combination with abemaciclib among patients with locally advanced or metastatic estrogen receptor positive (ER+)/human epidermal growth factor receptor 2 negative (HER2-) breast cancer at the 2024 San Antonio Breast Cancer Symposium (SABCS). Vepdegestrant in combination with abemaciclib demonstrated encouraging clinical activity in patients previously treated with a CDK4/6 inhibitor with safety and tolerability of the combination generally consistent with the profile of abemaciclib and what has been observed in other clinical trials of vepdegestrant; no significant drug-drug interactions were observed between vepdegestrant and abemaciclib. The findings support the ongoing Phase 2 portion of the study, which is evaluating full dose abemaciclib 150 mg twice daily (BID) in combination with vepdegestrant 200 mg once daily (QD) in post-CDK4/6 advanced breast cancer. |
Corporate Developments
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Topic |
Recent Development |
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Executive Leadership |
November 2024. Announced Chris Boshoff, M.D., Ph.D., as Chief Scientific Officer and President, Research & Development effective January 1, 2025. In his new role, Dr. Boshoff remains a member of Pfizer’s Executive Leadership Team reporting to Chairman and Chief Executive Officer, Dr. Albert Bourla, and oversees all functions of R&D across all therapeutic areas.
Pfizer’s Oncology R&D organization maintains its fully integrated structure with Roger Dansey, M.D. serving as Interim Chief Oncology Officer, reporting to Dr. Boshoff. Dr. Dansey will assist Dr. Boshoff in selecting a permanent Chief Oncology Officer, after which time he will retire from Pfizer. Dr. Dansey will also facilitate a smooth transition of his responsibilities as Chief Development Officer, Oncology to his successor, Johanna Bendell, M.D., who will join Pfizer from Roche in 2025. |
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Haleon Stock Sale |
January 2025. Pfizer sold 700 million ordinary shares of its investment in Haleon to institutional investors for total net consideration of approximately $3.0 billion. After the share sale, Pfizer’s ownership interest in Haleon was reduced from approximately 15% to approximately 7%. |
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Sangamo Therapeutics |
December 2024. Terminated a global collaboration and license agreement with Sangamo Therapeutics, returning development and commercialization rights to giroctocogene fitelparvovec, an investigational gene therapy candidate for the treatment of adults with moderately severe to severe hemophilia A, to Sangamo. The agreement will terminate effective April 21, 2025, at which time Pfizer will transition the giroctocogene fitelparvovec program back to Sangamo. |
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U.S. Commercial Model |
December 2024. Announced Pfizer’s Commercial Oncology organization, previously reporting to Chris Boshoff, M.D., Ph.D., will move into Pfizer’s U.S. Commercial organization under Aamir Malik, Executive Vice President and Chief U.S. Commercial Officer effective January 1, 2025, creating a single U.S. commercial division. |
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Please find Pfizer’s press release and associated financial tables, including reconciliations of certain GAAP reported to non-GAAP adjusted information, at the following hyperlink:
Pfizer’s 2024 financial performance underscores strong commercial execution and portfolio diversification, compensating for the decline in COVID-related sales. With a focus on R&D productivity, cost optimization, and strategic business development, Pfizer remains well-positioned for long-term revenue stability and shareholder value creation. The reaffirmation of its 2025 financial targets reflects confidence in its growth trajectory despite industry challenges.
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