Pfizer Inc. (PFE) Bundle
A Brief History of Pfizer Inc.
Pfizer Inc. has a storied history dating back to its founding in 1849. Originally established as a fine chemicals business in Brooklyn, New York, Pfizer has evolved into one of the world's largest pharmaceutical companies.
Recent Performance Overview
As of the third quarter of 2024, Pfizer reported total revenues of $17.7 billion, reflecting a 31% increase compared to $13.5 billion in the same quarter of 2023. The operational growth was driven primarily by the sales of Paxlovid and the revenue contributions from legacy Seagen products, which Pfizer acquired in December 2023.
| Metric | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Total Revenues | $17.7 billion | $13.5 billion | 31% |
| Income from Continuing Operations | $4.7 billion | Loss of $3.4 billion | N/A |
| Net Income | $4.5 billion | Loss of $2.4 billion | N/A |
Acquisition of Seagen
In December 2023, Pfizer completed its acquisition of Seagen for approximately $43 billion. This strategic move aimed to enhance Pfizer's oncology portfolio and has already contributed significantly to its revenue growth in 2024.
Product Performance
Key products contributing to Pfizer's revenue include:
- Paxlovid: Revenue of $2.5 billion in Q3 2024.
- Comirnaty: Revenue of $1.4 billion, up 9% from Q3 2023.
- Vyndaqel family: Significant growth contributing to overall sales.
Financial Highlights
For the first nine months of 2024, Pfizer reported total revenues of $45.9 billion, a slight increase from $45.0 billion in the previous year. The operational increase was primarily driven by:
- Growth from legacy Seagen products.
- Sales of Vyndaqel and Eliquis.
| Metric | First Nine Months 2024 | First Nine Months 2023 | % Change |
|---|---|---|---|
| Total Revenues | $45.9 billion | $45.0 billion | 2% |
| Net Income | $7.6 billion | $5.5 billion | 38% |
Research and Development Investments
Pfizer's commitment to innovation is reflected in its R&D expenditures. In the third quarter of 2024, R&D expenses totaled $2.6 billion, a 4% decrease from the prior year, primarily due to a cost realignment program initiated in late 2023.
Market Position and Shareholder Returns
As of September 29, 2024, Pfizer's total shareholders' equity stood at $92.6 billion, with a cash dividend declared of $0.84 per share. The company has maintained a robust capital allocation strategy, allowing for continued investment in growth while providing returns to shareholders.
| Shareholder Metrics | Value |
|---|---|
| Total Shareholders' Equity | $92.6 billion |
| Cash Dividend per Share | $0.84 |
Pfizer's strategic initiatives, including the acquisition of Seagen and continued focus on high-growth therapeutic areas, position the company for sustained success in the competitive pharmaceutical landscape.
A Who Owns Pfizer Inc. (PFE)
Major Shareholders
As of 2024, Pfizer Inc. (PFE) has a diverse ownership structure with significant institutional and individual shareholders. The top institutional shareholders include:
| Institution | Shares Owned (Millions) | % of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 580.3 | 10.4% |
| BlackRock, Inc. | 557.4 | 9.9% |
| State Street Corporation | 365.6 | 6.5% |
| Wellington Management Group LLP | 178.9 | 3.2% |
| Fidelity Investments | 140.2 | 2.5% |
Insider Ownership
Insider ownership is also a key component of Pfizer's ownership structure, with significant holdings by executive officers and board members. As of early 2024:
| Name | Position | Shares Owned (Thousands) |
|---|---|---|
| Albert Bourla | Chairman and CEO | 1,200 |
| Frank D'Amelio | Chief Financial Officer | 500 |
| Angela Hwang | Group President, Pfizer Biopharma | 350 |
| Other Executives | Various | 1,000 |
Public Ownership
Public ownership comprises individual and retail investors, accounting for approximately 40% of the total shares outstanding. The total shares outstanding as of January 2024 are approximately 5.5 billion shares. This translates to:
| Ownership Type | Shares Owned (Millions) | % of Total Shares |
|---|---|---|
| Institutional Investors | 2,800 | 50.9% |
| Insiders | 2,000 | 36.4% |
| Public Investors | 700 | 12.7% |
Stock Performance
Pfizer's stock performance has shown fluctuations influenced by market trends, product launches, and overall economic conditions. As of December 2023, the stock price was approximately $40.57, reflecting a year-to-date performance of:
| Metric | Value |
|---|---|
| Year-to-Date Change | +12.4% |
| Market Capitalization | $223 billion |
| P/E Ratio | 10.5 |
Recent Developments
In 2024, Pfizer has continued to focus on expanding its product pipeline and enhancing shareholder value through dividends. The company declared a quarterly dividend of $0.84 per share in October 2024, maintaining a strong commitment to returning capital to shareholders.
| Dividend Information | Amount per Share | Payment Date |
|---|---|---|
| Quarterly Dividend | $0.84 | October 2024 |
As of January 2024, Pfizer's total equity stands at approximately $92.6 billion, with retained earnings of $121.1 billion, demonstrating the company's robust financial health and capacity to support continued growth and shareholder returns.
Pfizer Inc. (PFE) Mission Statement
The mission statement of Pfizer Inc. as of 2024 emphasizes their commitment to advancing wellness and health through their innovative medicines and vaccines. Pfizer strives to transform the treatment landscape for diseases and to improve patient outcomes globally.
Financial Overview
As of September 29, 2024, Pfizer reported a total revenue of $45.864 billion, representing a year-over-year increase of 2% from $44.984 billion for the same period in 2023. The net income attributable to Pfizer Inc. common shareholders for the third quarter of 2024 was $4.465 billion, with earnings per share (EPS) of $0.78 diluted.
| Financial Metrics | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Total Revenue (in billions) | $17.702 | $13.491 | $45.864 | $44.984 |
| Net Income (in billions) | $4.465 | $(2.382) | $7.621 | $5.488 |
| Earnings Per Share (diluted) | $0.78 | $(0.42) | $1.34 | $0.96 |
| Cost of Sales (in billions) | $5.263 | $9.269 | $11.942 | $17.391 |
| Research and Development Expenses (in billions) | $2.598 | $2.711 | $7.787 | $7.864 |
Product Performance
Pfizer's diverse product portfolio reflects its mission through its various therapeutic areas, including vaccines, oncology, and cardiovascular health. The following table showcases the performance of key products as of September 29, 2024:
| Product | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) | YTD 2024 Revenue (in millions) | YTD 2023 Revenue (in millions) |
|---|---|---|---|---|
| Paxlovid | $2,703 | $202 | $4,989 | $4,414 |
| Prevnar Family | $1,803 | $1,099 | $4,767 | $4,550 |
| Eliquis | $1,617 | $1,498 | $5,534 | $5,135 |
| Comirnaty | $1,422 | $1,302 | $3,879 | $6,000 |
Market Outlook and Strategic Focus
Pfizer's strategic focus includes expanding its vaccine portfolio and enhancing its presence in emerging markets. The company aims to leverage its innovative research capabilities to meet the evolving healthcare needs globally. In 2024, Pfizer's operational strategies include:
- Increased investment in research and development, targeting $7.787 billion for the year.
- Focus on acquiring and integrating new companies, including the recent acquisition of Seagen for $43.4 billion, enhancing its oncology portfolio.
- Expansion of its manufacturing capabilities to support increased demand for its products.
Conclusion on Financial Stability
As of September 29, 2024, Pfizer maintains a strong financial position with total equity of $92.558 billion, an increase from $89.288 billion in the prior year. The company's liquidity and capital resources remain robust, supported by its ongoing operating cash flows and access to capital markets.
How Pfizer Inc. (PFE) Works
Overview of Pfizer Inc.
Pfizer Inc. operates primarily in the biopharmaceutical industry, focusing on the discovery, development, manufacturing, and marketing of healthcare products. The company is known for its innovative therapies, vaccines, and consumer health products.
Financial Performance
As of September 29, 2024, Pfizer reported total revenues of $17.7 billion for the third quarter, an increase of 31% compared to $13.5 billion in the third quarter of 2023. This growth is attributed mainly to the increased sales of Paxlovid, the acquisition of Seagen products, and the Vyndaqel family. For the first nine months of 2024, total revenues were $45.9 billion, up from $45.0 billion in the same period in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) | YTD Q3 2024 | YTD Q3 2023 | Change (%) |
|---|---|---|---|---|---|---|
| Total Revenues | $17.7 billion | $13.5 billion | 31% | $45.9 billion | $45.0 billion | 2% |
| Net Income | $4.5 billion | $(2.4) billion | — | $7.6 billion | $5.5 billion | 38% |
| Earnings per Share (EPS) | $0.78 | $(0.42) | — | $1.34 | $0.96 | 40% |
Product Portfolio
Pfizer has a diverse product range, including vaccines, oncology products, and cardiovascular therapies. Key products include:
- Paxlovid
- Comirnaty
- Vyndaqel
- Eliquis
- Seagen portfolio
Research and Development
Pfizer's commitment to R&D is reflected in its expenditures, which totaled $2.6 billion in the third quarter of 2024, a 4% decrease from $2.7 billion in the same quarter of 2023. The company continues to invest in pipeline candidates, including those acquired from Seagen.
Operational Segments
Pfizer operates through several segments, with Biopharma being the largest contributor to revenue. The following table outlines the revenue by operating segment for Q3 2024:
| Operating Segment | Revenue (Q3 2024) | Revenue (Q3 2023) | Change (%) |
|---|---|---|---|
| Biopharma | $17.4 billion | $13.2 billion | 32% |
| Pfizer CentreOne | $285 million | $293 million | -3% | Pfizer Ignite | $56 million | $25 million | 124% |
Costs and Expenses
For the third quarter of 2024, Pfizer reported costs of sales amounting to $5.3 billion, a significant decrease from $9.3 billion in Q3 2023. This reduction is attributed to the non-recurrence of prior inventory write-offs related to COVID-19 products.
| Expense Categories | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Cost of Sales | $5.3 billion | $9.3 billion | -43% |
| Selling, Informational and Administrative Expenses | $3.2 billion | $3.3 billion | -1% |
| Research and Development Expenses | $2.6 billion | $2.7 billion | -4% |
Market Position and Strategy
As of 2024, Pfizer is focused on expanding its market presence through strategic acquisitions, such as the $43 billion acquisition of Seagen. This acquisition is expected to enhance its oncology portfolio and drive future revenue growth.
Liquidity and Capital Resources
Pfizer maintains strong liquidity with access to $15 billion in revolving credit facilities. As of September 29, 2024, total liabilities were reported at $126.9 billion, while total equity stood at $92.6 billion.
| Liquidity Metrics | Amount |
|---|---|
| Total Liabilities | $126.9 billion |
| Total Equity | $92.6 billion |
| Cash Dividends Declared per Share | $0.84 |
How Pfizer Inc. (PFE) Makes Money
Revenue Streams
Pfizer generates revenue through various streams, primarily from its pharmaceutical products. The company reported total revenues of $17.7 billion for the third quarter of 2024, a 31% increase from $13.5 billion in the same period in 2023. For the first nine months of 2024, total revenues reached $45.9 billion, up from $45.0 billion in the same period in 2023 .
| Revenue Source | Q3 2024 Revenue (Millions) | Q3 2023 Revenue (Millions) | YTD 2024 Revenue (Millions) | YTD 2023 Revenue (Millions) |
|---|---|---|---|---|
| Product Revenues | $15,417 | $11,587 | $38,731 | $38,575 |
| Alliance Revenues | $1,900 | $1,645 | $6,140 | $5,672 |
| Royalty Revenues | $384 | $260 | $992 | $737 |
| Total Revenues | $17,702 | $13,491 | $45,864 | $44,984 |
Key Products Driving Revenue
Major products contributing to Pfizer's revenue include:
- Paxlovid: Q3 2024 sales reached $2.7 billion, significantly up from $202 million in Q3 2023.
- Comirnaty: Sales totaled $1.4 billion in Q3 2024, a 9% increase compared to $1.3 billion in Q3 2023.
- Eliquis: Generated $1.6 billion in Q3 2024, up 9% from Q3 2023.
- Vyndaqel: Reported $1.4 billion in Q3 2024, marking a 63% increase compared to Q3 2023.
| Product | Q3 2024 Revenue (Millions) | Q3 2023 Revenue (Millions) |
|---|---|---|
| Paxlovid | $2,703 | $202 |
| Comirnaty | $1,422 | $1,306 |
| Eliquis | $1,617 | $1,498 |
| Vyndaqel | $1,447 | $892 |
Cost Structure
Pfizer's cost of sales for Q3 2024 was $5.3 billion, significantly lower than $9.3 billion in Q3 2023, reflecting a decrease in the cost of goods sold as a percentage of total revenues . This reduction can be attributed to the non-recurrence of a $5.6 billion charge recorded in 2023 for inventory write-offs related to COVID-19 products.
| Cost Category | Q3 2024 (Millions) | Q3 2023 (Millions) |
|---|---|---|
| Cost of Sales | $5,263 | $9,269 |
| Selling, Informational & Administrative Expenses | $3,244 | $3,281 |
| Research and Development Expenses | $2,598 | $2,711 |
Net Income and Earnings Per Share
Pfizer's net income attributable to common shareholders for Q3 2024 was $4.5 billion, compared to a loss of $2.4 billion in Q3 2023. Earnings per share (EPS) for Q3 2024 were $0.78, a significant recovery from a loss per share of $0.42 in Q3 2023 .
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income (Millions) | $4,465 | $(2,382) |
| Earnings Per Share | $0.78 | $(0.42) |
Geographic Revenue Breakdown
In Q3 2024, Pfizer's revenues by geography showed significant growth in the United States, with U.S. revenues at $12.1 billion, a 50% increase from Q3 2023. International revenues decreased in developed markets, but emerging markets showed resilience .
| Geography | Q3 2024 Revenue (Millions) | Q3 2023 Revenue (Millions) |
|---|---|---|
| United States | $12,064 | $8,064 |
| Developed Markets | $3,412 | $3,335 |
| Emerging Markets | $2,226 | $2,092 |
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Updated on 16 Nov 2024
Resources:
- Pfizer Inc. (PFE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Pfizer Inc. (PFE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Pfizer Inc. (PFE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.