Pfizer surpasses third quarter forecast with strong growth

29 October 2024

Pfizer (NYSE: PFE) has reported better-than-expected third-quarter 2024 results, posting a 31% year-over-year revenue increase to $17.7 billion, besting many analysts' predictions.

Earnings per share (EPS) came in at $1.06 on an adjusted basis, reflecting robust growth as the company raised its 2024 guidance, projecting revenue of up to $64 billion and adjusted EPS of up to $2.95.

The results come as Pfizer pursues cost-cutting initiatives after the decline of its COVID-19 business and pressures from activist investor Starboard Value, which holds a $1 billion stake. With shares at about half where they were during the pandemic, Pfizer’s market cap has fallen below $165 billion.

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