Pfizer
shares were falling early Wednesday after the pharmaceutical company revised its guidance for 2024. Its new earnings and revenue projections were below expectations, although it raised its cost-saving targets.
Pfizer
said it expects adjusted earnings per share in the range of $2.05 to $2.25 for 2024. The consensus was for adjusted earnings of $3.16 a share, according to a FactSet poll of analysts’ estimates.
Pfizer said it expects revenue in the range of $58.5 billion to $61.5 billion in 2024 including the expected contribution from cancer-focused
Seagen,
which it agreed to acquire for $43 billion earlier this year. Analysts had forecast 2024 revenue of $62.66 billion.
Pfizer shares were down 6.8% at $26.63 in premarket trading.
Pfizer CEO Albert Bourla said in a statement that the company’s product portfolio remains strong.
“We expect our cost realignment program to deliver savings of at least $4 billion by the end of 2024, which puts us on a path to potentially regain our prepandemic operating margins,” Bourla said.
The new cost-savings target was increased by $500 million from Pfizer’s guidance provided in August.
Pfizer projected revenue of $8 billion for its Comirnaty and Paxlovid treatments for Covid in 2024 and growth of between 8% to 10% in operating revenue for its combined Seagen and Pfizer portfolio of other products.
Excluding revenue from Comirnaty and Paxlovid and the expected contribution from Seagen, Pfizer expects to achieve full-year 2024 operating revenue growth of 3% to 5%
Write to Adam Clark at adam.clark@barrons.com
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