Pfizer (NYSE:PFE) saw a 2% drop in its stock price intra-day today despite the announcement of its updated full-year guidance and stronger-than-anticipated second-quarter results.
The pharmaceutical company reported an EPS of $0.60 for Q2, significantly exceeding the Street estimate of $0.46. Additionally, Pfizer's revenue for the quarter reached $13.3 billion, surpassing the forecasted $13.03 billion. Pfizer's adjusted research and development expenses were reported at $2.67 billion, lower than the expected $2.83 billion.
Looking ahead, Pfizer revised its full-year 2024 EPS guidance to a range of $2.45 to $2.65, an increase from the previously forecasted range of $2.15 to $2.35, and higher than the Street estimate of $2.38. The company also raised its full-year revenue projection to a range of $59.5 to $62.5 billion, up from $58.5 to $61.5 billion, and above the $60.7 billion expected by Wall Street analysts.
Moreover, Pfizer anticipates achieving operational revenue growth of 9% to 11% for the full year 2024, excluding contributions from Comirnaty and Paxlovid but including Seagen's contributions. This is an improvement from the 8% to 10% growth forecasted earlier in January 2024.