Pfizer Inc. announced on Tuesday that its revenue in the third quarter of fiscal 2024 skyrocketed 31% year-over-year to land at $17.7 billion, topping analysts' expectations. Net income stood at $4.5 billion, rising from a net loss of $2.4 billion reported in the same period a year prior. The company's diluted earnings per share (EPS) reached $0.78 compared to a loss per share of $0.42 observed in the third quarter of 2023.
Pfizer raised its 2024 revenue guidance by $1.5 billion to between $61 billion and $64 billion, while adjusted diluted EPS is expected to come in between $2.75 and $2.95.
"Our performance through the first three quarters of the year is the result of our focus on our most important strategic priorities. I’m confident that we will deliver on our financial commitments in 2024 and that we are well positioned to continue advancing scientific breakthroughs meaningful to our patients and our company, as well as creating long-term shareholder value, in the years to come," CEO Albert Bourla commented. Pfizer's stock jumped 2.11% in premarket trading after the earnings release.
