Pfizer has reported a net income of $410m, or $0.07 per diluted share, for the fourth quarter ended 31 December 2024, compared to a net loss of $3.36bn, or $0.59 per diluted share, for the respective quarter in 2023.

The pharmaceutical company’s net income for the fourth quarter of 2024 (Q4 2024) declined compared to $4.46bn for the third quarter of 2024 (Q3 2024).

The US drugmaker reported total revenues of $17.76bn for Q4 2024, a 22% rise compared to $14.57bn for the same quarter in 2023 and remained unchanged compared to Q3 2024.

Pfizer has reported research and development expenses of $3.03bn for Q4 2024, an 8% increase compared to $2.81bn for the respective quarter in 2023.

The pharmaceutical company has reported a loss before tax of $10m for Q4 2024, compared to $4.12bn for the same quarter in the previous year.

Pfizer chairman and CEO Albert Bourla: “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.”

Pfizer has reported a net income of $8.03bn, or $1.41 per diluted share, for the full year 2024, compared to $ 2.11bn, or $0.37 per diluted share, for the full year 2023.

The US drugmaker reported total revenues of $63.62bn for the full year 2024, a 7% increase compared to $59.55bn for the full year 2023.

The US pharmaceutical company reported research and development expenses of $10.82bn a 1% rise compared to $10.67bn for the full year 2023.

Pfizer reported a loss before tax of $8.02bn for the full year 2024, compared to $1.05bn for the full year 2023.

Pfizer chief financial officer and executive vice president David Denton said: “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 $4bn 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 $4.5bn by the end of this year.

“In addition, we remain on track to deliver $1.5bn of net cost savings from the first phase of our Manufacturing Optimisation Program by the end of 2027, with initial savings expected in the latter part of 2025.”