Pfizer Inc (PFE) Q1 2024 Earnings Report

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Pfizer Inc

PFE

$26.03 1.30%

Exchange: NYSE | Sector: Healthcare | Industry: Drug Manufacturers General

Q1 2024

Published: May 8, 2024

Earnings Highlights

Revenue of $14.88B up 16.8% year-over-year
EPS of $0.55 increased by 34.2% from previous year
Gross margin of 70.6%
Net income of 3.12B
""We've demonstrated many times before that we are very good at execution, and we expect to continue delivering life-changing medicines for hundreds of millions of patients globally and meaningful value for our shareholders." - Albert Bourla" - Albert Bourla

PFE

Pfizer Inc

Period Q1 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

Pfizer Inc reported a solid start to Q1 2024, achieving total revenues of $14.9 billion. Excluding contributions from COVID-19 products, the company witnessed an operational revenue growth of 11%. CEO Albert Bourla emphasized progress in oncology and pipeline innovation while cautioning about the ongoing impacts of declining COVID revenues. The adjusted diluted EPS rose to $0.82, surpassing expectations due to favorable gross margin performance and stringent cost management. The performance reflects strong market demand for new oncology products, notably PADCEV and XTANDI, alongside successful vaccine initiatives. However, with the strong quarter comes caution regarding the full-year outlook due to continuing inflationary pressures and anticipated shifts in the vaccine market.

Key Performance Indicators

Revenue

Increasing

14.88B

QoQ: 4.42% | YoY: 16.84%

Gross Profit

Increasing

10.50B

70.60% margin

QoQ: 85.58% | YoY: 28.98%

Operating Income

Increasing

4.56B

QoQ: 386.19% | YoY: 119.39%

Net Income

Increasing

3.12B

QoQ: 193.15% | YoY: 33.86%

EPS

Increasing

0.55

QoQ: 193.22% | YoY: 34.15%

Revenue Trend

Margin Analysis

Financial Highlights

### Revenue Performance
- Total Revenue: $14.9 billion, operational decline of 19% YoY driven primarily by lower demand for COVID-19 treatments; when excluding COVID products, revenues grew 11%.
### Profitability Metrics
- Gross Profit: $10.5 billion; gross margin improved to 79.6%, up 530 basis points driven by favorable sales mix and cost management.
- Operating Income: $4.56 billion; operating margin at 30.5%.
- Net Income: $3.12 billion with net income margin at 20.9%.
### Earnings Per Share
- EPS: Reported at $0.55. Adjusted diluted EPS of $0.82 surpassed guidance expectations of $0.75.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	14.88B	16.84%	4.42%
Gross Profit	10.50B	28.98%	85.58%
Operating Income	4.56B	119.39%	386.19%
Net Income	3.12B	33.86%	193.15%
EPS	0.55	34.15%	193.22%

Key Financial Ratios

Gross Profit Margin

Excellent

70.60%

Gross profit margin is exceptional, indicating strong pricing power and operational efficiency

Operating Profit Margin

Excellent

30.60%

Operating margin is exceptional, indicating strong pricing power and operational efficiency

Net Profit Margin

Excellent

20.90%

Net profit margin is exceptional, indicating strong pricing power and operational efficiency

Return on Assets

Weak

1.41%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

3.38%

Return on equity suggests inefficient capital allocation

Current Ratio

Adequate

1.05

Current ratio meets minimum requirements but limited cushion

Debt to Equity

Elevated

0.75

Debt-to-equity shows significant leverage, monitor debt levels

P/E Ratio

Value

12.59x

P/E ratio suggests potential undervaluation or stable earnings

Price to Book

Fair Value

1.70x

Price-to-book ratio reasonable for profitable companies

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q4 2024	17,763.00	0.07	+19.4%	View
Q3 2024	17,702.00	0.78	+24.2%	View
Q2 2024	13,283.00	0.00	+0.4%	View
Q1 2024	14,879.00	0.55	+16.8%	View

Pfizer Inc (PFE) Q1 2024 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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