Pfizer’s reported net income stood at $3.11bn in the first quarter (Q1) of 2024, marking a decrease of 44% from $5.54bn posted in Q1 2023.

The pharmaceutical giant’s reported diluted earnings per share (EPS) fell by 44% to $0.55 in Q1 2024 from $0.97 in Q1 2023.

The company’s revenues for the quarter totalled $14.87bn, a 20% decrease from $18.48bn in the previous year’s corresponding quarter, with a year-on-year operational decline of $3.5bn (19%). This was due to a substantial drop in global revenues from the Covid-19 therapies, Comirnaty and Paxlovid.

Foreign exchange rates also negatively impacted revenues by $107m (1%).

Excluding the contributions from Covid-19 treatments, Pfizer’s revenues stood at $12.5bn, an operational increase of 11% or $1.2bn compared to the same quarter of the previous year.

Pfizer chairman and CEO Dr Albert Bourla stated: “We delivered strong performance in our non-Covid product portfolio in the first quarter of 2024, including increased revenue from several of our recent commercial launches and acquired products, as well as robust year-on-year growth for several key in-line brands, namely the Vyndaqel family, Eliquis and the Prevnar family.

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“In addition, we had strong oncology revenue contributions from Ibrance, Xtandi, Padcev and Adcetris. Our Paxlovid revenues in the quarter indicate a successful transition into the commercial marketplace in the US and a demonstrated trust in the brand.”

Pfizer has raised its adjusted diluted EPS guidance for the full year 2024 to between $2.15 and $2.35 from a previous range of between $2.05 and $2.25.

The company continues to project full-year 2024 revenues between $58.5bn and $61.5bn.

This forecast includes $8bn joint anticipated revenues from Comirnaty ($5bn) and Paxlovid ($3bn).

Last month, the company obtained US Food and Drug Administration approval for its one-time gene therapy BEQVEZ (fidanacogene elaparvovec-dzkt) to treat adults with moderate to severe haemophilia B.