Investing.com -- Pfizer (NYSE:PFE) shares climbed around 2% in premarket trading Tuesday after the pharma giant raised earnings and revenue guidance for fiscal 2024 and beat Q3 results estimates.
The company reported third-quarter earnings per share (EPS) of $1.06, topping the consensus projection of $0.62. Revenue for the quarter came in at $17.7 billion, also above the estimated $14.92 billion.
Adjusted research and development (R&D) expenses were $2.56 billion, below the forecasted $3.06 billion, while adjusted selling, informational, and administrative expenses (SI&A) came in at $3.22 billion, compared to the estimated $3.42 billion.
“We delivered another strong quarter of results as we continued to execute with discipline, strengthen our commercial position and advance our pipeline,” said Dr. Albert Bourla, Chairman and Chief Executive Officer of Pfizer.
“I am pleased with the performance of our product portfolio in the third quarter as we continued to achieve exceptional growth with our Oncology products, including strong revenue growth contributions from Padcev, Xtandi, Lorbrena and Braftovi/Mektovi, and as we delivered on heightened demand for Paxlovid during the recent COVID-19 wave.”
For the full fiscal 2024, Pfizer has raised its EPS guidance to a range of $2.75 to $2.95, up from its previous range of $2.45 to $2.65 and above the consensus of $2.65.
The company now anticipates revenue of $61 to $64 billion for 2024, also an increase from its prior outlook of $59.5 to $62.5 billion, with the consensus at $61.2 billion.
Excluding revenues from Comirnaty and Paxlovid but including contributions from Seagen, Pfizer continues to project operational revenue growth of 9% to 11% in 2024 compared to 2023, factoring in the reduction of sales linked to the global withdrawal of Oxbryta.