Pfizer (PFE) reaffirms FY24 forecast; provides FY25 guidance

Pharmaceutical company Pfizer Inc. (NYSE: PFE) Tuesday reaffirmed its financial outlook for fiscal 2024 and provided guidance for fiscal 2025.

• The company said it achieved the goal of $4 bln in cost savings through 2024 and anticipates an additional $500 mln in savings in 2025, from the ongoing cost realignment program
• Pfizer continues to expect fiscal 2024 revenue in the range of $61 billion to $64 billion and confirmed its full-year adjusted EPS guidance of $2.75-2.95
• For fiscal 2025, the management expects revenue to be in the range of $61 billion to $64 billion and adjusted EPS between $2.80 and $3.00
• It is looking for adjusted EPS operational growth of 10-18% for FY25, from the midpoint of the 2024 guidance after adjusting for non-recurring items
• Phase I of the company’s manufacturing optimization program is on track to deliver initial net cost savings in the latter part of 2025, towards the goal of improving gross margin performance
• Adjusted SI&A expense is expected to be in the range of $13.3 to $14.3 billion in FY25, and adjusted R&D expenses between $10.7 billion and $11.7 billion