US major Pfizer Inc. (NYSE: PFE) has released its financial results for the fourth quarter and full year of 2024. The company recorded revenues of $63.627 billion for the full year, up 7% year-on-year (YOY) in constant currency terms. Excluding COVID-19 products Paxlovid and Comirnaty, revenues grew by 12%. During the fourth quarter, group revenue reached $17.763 billion, up 21% YOY (11% excluding COVID-19 products).
Product Sales and Business Segments
Pfizer’s product sales (global biopharmaceutical unit) jumped 8% YOY to $62.4 billion in 2024, driven by strong performances from Eliquis (apixaban), the Prevnar family of pneumococcal vaccines, chlorobenzoic acid drugs, COVID-19 products, Ibrance (palbociclib), and Xtandi (enzalutamide).
By business segment, Pfizer’s Primary Care revenue for the year stood at $30.135 billion, down 2% YOY. Specialty Care generated $16.652 billion in revenues, up 12% YOY. The oncology business saw significant growth, soaring 26% YOY to $15.612 billion.
Specific Product Performance
- Eliquis: Annual sales reached $7.366 billion, up 10% YOY.
- Pneumococcal Vaccines (Prevnar 20&13): Sales stood at $6.411 billion, down 1% YOY.
- Rare Disease Chlorobenzoic Acid Drugs (Vyndaqel, Vyndamax, Vynmac): Sales skyrocketed 64% YOY to $5.451 billion.
- COVID-19 Products: Paxlovid generated $5.716 billion in sales, while the COVID-19 vaccine Comirnaty brought in $5.353 billion, down 53% YOY. Combined sales for these products reached $11 billion despite declining market demand.
Future Outlook
Pfizer expects to achieve four market approvals, seven Phase III read-outs, and six Phase III study initiations during the first half of 2025. The company anticipates full-year 2025 revenues to be in the range of $61 to $64 billion, reflecting a steady performance driven by its robust pipeline and ongoing market presence.-Fineline Info & Tech
