Pfizer Inc. (Pfizer) reported a 2% increase in total revenues to $13.3 billion in Q2 2024 compared to $13.0 billion in Q2 2023, driven by legacy Seagen products and growth from Vyndaqel, Eliquis, Paxlovid, and Nurtec ODT/Vydura. However, declines in Comirnaty and Xeljanz partially offset these gains. Excluding Comirnaty and Paxlovid, revenues rose 14% operationally. For the first half of 2024, total revenues fell 11% to $28.2 billion from $31.5 billion in the same period of 2023, mainly due to lower Comirnaty and Paxlovid sales. Loss from continuing operations before taxes was $103 million in Q2 2024, a decrease from income of $2.3 billion in Q2 2023, attributed to increased restructuring charges, net losses on equity securities, and higher net interest expense. Pfizer's business development saw AbbVie acquire Cerevel, with Pfizer receiving $1.2 billion and recognizing a $100 million...Show More

Pfizer Inc. (Pfizer) reported a 2% increase in total revenues to $13.3 billion in Q2 2024 compared to $13.0 billion in Q2 2023, driven by legacy Seagen products and growth from Vyndaqel, Eliquis, Paxlovid, and Nurtec ODT/Vydura. However, declines in Comirnaty and Xeljanz partially offset these gains. Excluding Comirnaty and Paxlovid, revenues rose 14% operationally. For the first half of 2024, total revenues fell 11% to $28.2 billion from $31.5 billion in the same period of 2023, mainly due to lower Comirnaty and Paxlovid sales. Loss from continuing operations before taxes was $103 million in Q2 2024, a decrease from income of $2.3 billion in Q2 2023, attributed to increased restructuring charges, net losses on equity securities, and higher net interest expense. Pfizer's business development saw AbbVie acquire Cerevel, with Pfizer receiving $1.2 billion and recognizing a $100 million gain. Pfizer's strategic priorities include achieving oncology leadership, delivering pipeline innovation, maximizing new product performance, expanding margins, and enhancing shareholder value through capital allocation. Future plans involve a cost realignment program, a manufacturing optimization program, and leveraging technology like artificial intelligence for efficiency. Pfizer's outlook includes a focus on defending patent rights and navigating regulatory and pricing pressures globally.