Pfizer Inc. reported a 20% decrease in total revenues to $14.9 billion in Q1 2024 from $18.5 billion in Q1 2023, with operational declines primarily due to reduced sales of Comirnaty and Paxlovid. Excluding these, revenues increased 11% operationally. Income from continuing operations before taxes fell to $3.4 billion from $6.3 billion year-on-year. The company's Biopharma segment remains the sole reportable segment, with a focus on oncology leadership, pipeline innovation, new product performance, margin expansion, and shareholder value enhancement. Pfizer's business development initiatives aim to capitalize on growth opportunities through advancing its product pipeline and maximizing existing product value. Looking ahead, Pfizer plans to leverage technology, including AI, to execute strategic priorities more efficiently. The company's future plans include a multi-year cost realignment program...Show More

Pfizer Inc. reported a 20% decrease in total revenues to $14.9 billion in Q1 2024 from $18.5 billion in Q1 2023, with operational declines primarily due to reduced sales of Comirnaty and Paxlovid. Excluding these, revenues increased 11% operationally. Income from continuing operations before taxes fell to $3.4 billion from $6.3 billion year-on-year. The company's Biopharma segment remains the sole reportable segment, with a focus on oncology leadership, pipeline innovation, new product performance, margin expansion, and shareholder value enhancement. Pfizer's business development initiatives aim to capitalize on growth opportunities through advancing its product pipeline and maximizing existing product value. Looking ahead, Pfizer plans to leverage technology, including AI, to execute strategic priorities more efficiently. The company's future plans include a multi-year cost realignment program to align costs with long-term revenue expectations, expecting at least $4 billion in net savings primarily from 2023 through 2024. Pfizer also anticipates $1 billion in annual cost synergies from the Seagen acquisition by 2026. The company faces challenges such as patent expirations, regulatory pressures, and the impact of COVID-19 on product demand. Pfizer continues to invest in COVID-19 solutions, including variant-adapted vaccines and therapies, while transitioning Comirnaty and Paxlovid to commercial markets.