Pfizer (PFE) shares rose Tuesday morning after the pharmaceutical company affirmed its full-year 2024 projections and issued 2025 revenue and adjusted profit guidance in line with analysts' estimates.
Pfizer said it expects 2024 revenue to range from $61 billion to $64 billion, with adjusted earnings per share (EPS) projected between $2.75 to $2.95. According to estimates compiled by Visible Alpha, analysts project $63.01 billion in revenue and adjusted earnings of $2.93 per share.
For 2025, Pfizer projects the same revenue range, while analysts see a slight bump to $63.24 billion. Pfizer expects its adjusted EPS will rise slightly to $2.80 to $3.00, while analysts project $2.89.
Pfizer was successful in its goals to cut $4 billion in costs by the end of 2024, the company said Tuesday, with an additional $500 million in savings expected to be realized over the next year. The drugmaker has returned to revenue growth in its two most recent quarters for the first time since sales of its COVID vaccine peaked.
"We also expect to continue improving our operating margins with focused financial discipline," Chief Executive Officer (CEO) Dr. Albert Bourla said.
Pfizer shares recently traded up 4.5% but are still down about 8% this year.
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