4 February 2025
If you are covering Pfizer’s latest results please find comments below from Sheena Berry, healthcare analyst at Quilter Cheviot:
“Pfizer has delivered a solid set of numbers, both taking the Covid franchise into account and by excluding it. Excluding the Covid franchise, revenues increased 11% operationally, with earnings per share also coming in ahead of consensus expectations as result of those revenues and lower than expected research and development costs.
"However, the Covid franchise, including Paxlovid and Comirnaty, performed exceptionally well with significantly higher than expected sales. The company’s existing lineup of pharmaceutical drugs delivered strong results to the end of 2024. Importantly, several pipeline assets have also progressed. This includes an obesity drug, with an update expected early this year and a potential pivotal trial start in the second half of 2025.
“Whilst the Q4 beat was helped by its Covid franchise, we are encouraged by the 12% core business growth in 2024. We continue to view the Seagen business with its antibody drug conjugates (ADC) platform and oncology offering as an attractive asset to enhance Pfizer's pipeline potential.
“In 2025, Pfizer expects four regulatory decisions, nine Phase III readouts and 13 potential pivotal programme starts, so it is shaping up to be a solid year for the pharmaceutical giant, which given its current valuation and dividend yield gives it an interesting investment case.”
“After a poor 2023 due to Covid headwinds and downgrades, Pfizer has delivered a solid 2024.”
