Pfizer has reported a net income of $41m, or $0.01 per diluted share, for the second quarter ended 30 June 2024, a 98% decline compared to $2.32bn, or $0.41 per diluted share, for the respective period in 2023.
The pharmaceutical company’s net income for the second quarter of 2024 (Q2 2024) decreased, compared to $3.11bn, or $0.55 per diluted share, for the first quarter of 2024 (Q1 2024).
The US drug maker reported total revenues of $13.28bn for Q2 2024, a 2% rise compared to $13bn for the same quarter in 2023, and an 11% decline compared to $14.88bn for Q1 2023.
Pfizer reported a loss before tax of $103m for Q2 2024, compared to an income before tax of $2.26bn for the respective quarter in the previous year.
The pharmaceutical company attributed the rise in its total revenues to contributions from several of its acquired products, key in-line products, and recent commercial launches.
Pfizer chairman and CEO Albert Bourla said: “We are driving progress toward our 2024 strategic priorities through solid execution across the company.
“I am pleased with the strong performance of our product portfolio in the second quarter led by several of our acquired products, key in-line brands and recent commercial launches.
“Notably, we achieved exceptional growth in our Oncology portfolio, with strong revenue contribution from our legacy Seagen products.
“I am encouraged by our performance in the first half of 2024 and we remain focused on making a difference in the lives of patients as we continue to advance and strengthen our company.”
Pfizer has reported a net income of $3.15bn, or $0.56 per diluted share, for the six months ended 30 June 2024, a $60% decline compared to $7.87bn, or $1.40 per diluted share, for the respective period in 2023.
The pharmaceutical company reported total revenues of $28.16bn for the first half of 2024 (H1 2024), an 11% decline compared to $31.49bn for the same period in the previous year.
The US drugmaker reported an income before tax of $3.31bn for H1 2024, a 61% decrease compared to $8.53bn for the respective period in 2023.
Pfizer chief financial officer and executive vice president David Denton said: “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.
“In support of our stated strategic priority to realign our cost base, we continue to progress our cost realignment program.
“Additionally, with our more recent announcement of the first phase of our Manufacturing Optimization Program, we believe we are setting the foundation for future margin expansion.”
