Q1 2024 Pfizer Inc Earnings Call Transcript
Key Points
- Pfizer Inc (PFE) reported a strong performance in its non-COVID product portfolio during the first quarter of 2024.
- The company's oncology revenues grew 19% operationally over the same quarter a year ago, driven by successful acquisitions and product launches.
- Pfizer Inc (PFE) received full FDA approval for TIVDAK to treat recurring or metastatic cervical cancer, highlighting progress in its oncology pipeline.
- The company is on track with delivering anticipated milestones in its Respiratory and Hematology portfolios, including recent FDA approval for BEQVEZ, a gene therapy for hemophilia B.
- Pfizer Inc (PFE) raised its outlook for 2024 adjusted earnings per share by $0.10, reflecting confidence in its business and operational strategies.
- Total company revenues for the first quarter reflected an operational decline of $3.5 billion or 19% versus last year, primarily impacted by a declining COVID environment.
- The performance of IBRANCE and SULPERAZON was dampened by lower global demand, particularly in China.
- Pfizer Inc (PFE) is navigating challenges in the post-COVID market, which continues to affect its financial performance.
- The company's gross margin improvements are pressured by lower sales volume of COMIRNATY, which carries a low gross margin rate due to profit sharing.
- Pfizer Inc (PFE) faces uncertainties with the Inflation Reduction Act and its potential impact on drug pricing and revenue.
Good day, everyone, and welcome to Pfizer's First Quarter 2024 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Francesca DeMartino, Chief Investor Relations Officer and Senior Vice President. Please go ahead, ma'am.
Good morning, and welcome to Pfizer's earnings call. I'm Francesca DeMartino, Chief Investor Relations Officer. On behalf of the Pfizer team, thank you for joining us. This call is being made available via audio webcast at pfizer.com. Earlier this morning, we released our results for the first quarter of 2024 via a press release that is available on our website at pfizer.com.
I'm joined today by Dr. Albert Bourla, our Chairman and CEO; and Dave Denton, our CFO. Albert and Dave have some prepared remarks, and we will then open the call for questions. Joining for the Q&A session, we also have Dr. Chris Boshoff, EVP and Chief Oncology Officer; Alexandre de Germay, EVP and Chief International Commercial Officer; Dr. Mikael
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