Pfizer Inc. (NYSE: PFE) released its Q3 2024 financial results, reporting revenues of $17.702 billion for the third quarter, a 32% year-on-year (YOY) increase at constant exchange rates. For the first nine months of the year, revenues totaled $45.864 billion, reflecting a 3% YOY growth. This strong performance has prompted the company to elevate its 2024 financial guidance by $1.5 billion, now projected in the range of $61 billion to $64 billion.
In terms of business segments, Primary Care generated $9.06 billion in sales, a substantial 44% YOY increase. Specialty Care revenues rose 15% YOY to $4.289 billion, while Oncology surged 31% YOY, reaching $4.043 billion.
Within the Primary Care segment, Paxlovid continued to show robust demand, generating $2.7 billion in revenues, an operational increase of $2.5 billion compared to the prior year. This growth was largely driven by heightened utilization during a recent global COVID-19 wave, including a one-time delivery of one million Paxlovid treatment courses to the U.S. Strategic National Stockpile, which contributed $442 million in revenue. Additionally, the COVID-19 vaccine Comirnaty reported $1.4 billion in sales, up 9% YOY. Excluding Comirnaty and Paxlovid, operational revenues for Q3 2024 grew 14% YOY to $13.6 billion.
In Specialty Care, the Vyndaqel family of rare disease therapies saw sales soar 63% YOY to $1.447 billion, fueled by strong demand in both the U.S. and international developed markets.
In Oncology, Ibrance (palbociclib) led sales at $1.087 billion, despite a 12% YOY decline. Androgen receptor inhibitor Xtandi (enzalutamide) followed with $561 million in sales, marking a 28% YOY increase. Meanwhile, Seagen’s antibody-drug conjugates—Padcev (enfortumab vedotin), Adcetris (brentuximab vedotin), Tukysa (tucatinib), and Tivdak—collectively generated $835 million.
Most of Pfizer’s pipeline developments are progressing well, although a Phase III trial for its gene therapy for fordadistrogene movaparvovec in Duchenne muscular dystrophy did not meet its primary endpoint.- Flcube.com
