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Pfizer raises annual target after strong start to 2024
Pfizer surprises with strong quarterly figures and increases profit target for 2024. Investors react positively to the news - shares rise by 3.7 percent. Find out more about the current developments of the US pharmaceutical company. #Pfizer #quarterly figures #profit target #share price
Pfizer raises annual target after strong start to 2024
The US pharmaceutical company Pfizer has had a better start to the new year than expected. When publishing quarterly figures, the company increased its annual adjusted profit target. The news was received positively on Wall Street, causing the stock to rise 3.7 percent in premarket trading.
For 2024, Pfizer now expects adjusted earnings per share of between $2.15 and $2.35, compared to the previously forecast $2.05 to $2.25. Sales are expected to remain between $58.5 and $61.5 billion, which in the worst case scenario would mean that Pfizer would earn the same amount as in 2023.
In the first quarter, sales fell by a fifth to $14.9 billion compared to the previous year. Pfizer's net income was $3.1 billion, down 44 percent. Adjusted for special items, earnings per share reached $0.82 – a decline of a third compared to the previous year, but still better than analysts expected.
Pfizer is now increasing its focus on the cancer business to offset the decline in revenue after the end of the Covid-19 boom. Last year the company acquired the specialist Seagan in order to be present in this area. CEO Albert Bourla highlighted the company's strong performance outside of the Covid-19 segment in the first quarter, thanks to new product launches and acquired products, as well as key product lines.