Pfizer has reported a net income of $4.46bn, or $0.78 per diluted share, for the third quarter ended 30 September 2024, compared to a net loss of $2.38nb, or $0.42 per diluted share, for the respective period in 2023.
The US-based drugmaker’s net income for the third quarter of 2024 (Q3 2024) increased compared to $41m for the second quarter of 2024 (Q2 2024)
The company reported total revenues of $17.7bn for Q3 2024, a 31% rise compared to $13.49bn for the same quarter in 2023, and a 33% increase compared to $13.28bn for Q2 2023.
Pfizer reported an income before tax of $4.71bn for Q3 2024, compared to a loss before tax of $3.35b for the corresponding quarter in the previous year.
Pfizer chairman and CEO Albert Bourla said: “We delivered another strong quarter of results as we continued to execute with discipline, strengthen our commercial position and advance our pipeline.
“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.”
Pfizer reported a net income of $7.62bn, or $1.34 per diluted share for the first nine months (9M) ended 30 September 2024, a 39% rise compared to $5.48bn, or $0.96 per diluted share for the respective period in 2023.
The pharmaceutical company reported total revenues of $45.86bn for 9M 2024, a 2% rise compared to $44.98bn for the same period in the previous year.
The US drugmaker reported an income before tax of $8.03bn for 9M 2024, a 55% increase compared to $5.18bn for the respective period in 2023.
Pfizer chief financial officer and executive vice president David Denton said: “We are extremely pleased with the strong 14% operational revenue growth of Pfizer’s non-COVID products in the third quarter.
“This follows our strong first-half performance, which demonstrates our continued focus on commercial execution and confidence in our ability to deliver on our financial guidance this year.
“Importantly, we believe our ongoing cost reduction efforts set the company on a path toward future margin expansion.”
