Pfizer Beats Q3 Estimates, Raises Guidance by $1.5B as COVID-19 Treatment Sales Surge

Oct 30, 2024, 10:58 AM

Pfizer Inc. reported strong third-quarter 2024 financial results, surpassing Wall Street estimates and raising its full-year guidance by $1.5 billion. The pharmaceutical giant's revenue climbed 32% year-over-year to $17.7 billion, exceeding analysts' expectations of $15.2 billion. Adjusted earnings per share reached $1.06, beating estimates by $0.44. The company's performance was bolstered by better-than-expected sales of its COVID-19 treatment, Paxlovid. As a result, Pfizer raised its full-year 2024 adjusted EPS guidance to a range of $2.75 to $2.95, up from the previous forecast of $2.45 to $2.65, and increased its revenue guidance by $1.5 billion to $61.0 billion to $64.0 billion. The strong quarterly results and optimistic outlook led to a 2% rise in Pfizer's stock in pre-market trading.