Pfizer Inc. announced in its second-quarter earnings release on Tuesday that its total revenue for the period stood at $13.3 billion, increasing 2% year-on-year. Reported net income plunged 98% to $41 million, with diluted earnings per share (EPS) also down 98% to $0.01. The company raised its 2024 revenue guidance by $1 billion to between $59.5 billion and $62.5 billion, while adjusted diluted EPS is expected to come in between $2.45 and $2.65. It added that it is on track to achieve at least $4 billion in net cost savings by the end of the year.
"This was Pfizer’s first quarter of topline revenue growth, on a year-over-year basis, since the fourth quarter of 2022 when our COVID revenues peaked. Importantly, the strong 14% operational revenue growth of our non-COVID products in the second quarter demonstrates our continued focus on commercial execution," CFO David Denton said.
Pfizer's shares jumped 3.16% in premarket trade after the earnings release.
