Pfizer Again Boost FY24 Outlook - Update

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(RTTNews) - While reporting financial results for the third quarter, drug major Pfizer Inc. (PFE) raised its adjusted earnings and revenue guidance for the full-year 2024.

For fiscal 2024, the company now projects adjusted earnings in a range of $2.75 to $2.95 per share on revenues between $61.0 billion and $64.0 billion, with revenues of about $5.0 billion for Comirnaty and about $5.5 billion for Paxlovid.

Previously, the company expected adjusted earnings in the range of $2.45 to $2.65 per share on revenues between $59.5 billion and $62.5 billion, with revenues of about $5.0 billion for Comirnaty, about $3.5 billion for Paxlovid.

On average, 23 analysts polled by Thomson Reuters expect the company to report earnings of $2.65 per share on revenues of $61.16 billion for the year. Analysts' estimates typically exclude special items.

Including the contribution from Seagen and excluding revenues from Comirnaty and Paxlovid, Pfizer still expects to achieve full-year 2024 operational revenue growth of 9 to 11 percent.

The company said it is on track to deliver anticipated cost savings of approximately $1.5 billion by the end of 2027 from the first phase of the manufacturing optimization program.

The company is also on track to deliver at least $4 billion in net cost savings by end of 2024 from previously announced cost realignment program.

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