Pfizer (NYSE: PFE) stock declined almost 2% on Tuesday after its Q4 earnings report revealed a mix of results, with adjusted earnings beating expectations but revenue falling below estimates. The pharmaceutical giant witnessed a smaller-than-expected decline in its Covid business and reaffirmed its full-year 2024 guidance.
The drugs giant reported earnings per share of 10 cents for the three months ended December 31, surpassing the anticipated loss of 22 cents. In addition, the company reported revenue of $14.25 billion, slightly falling short of the expected $14.42 billion.
The company continues to uphold its full-year guidance, maintaining an unchanged outlook with an anticipated revenue ranging from $58.5 billion to $61.5 billion. This projection includes $8 billion in revenue from Covid products.
Within the company’s financial results, the pharmaceutical group exhibited a lower-than-expected decline in revenue from its Covid-related business. Notably, its vaccine contributed $5.36 billion in revenue, beating analysts’ estimates but reflecting a 53% decrease from the previous year.
Pfizer (NYSE: PFE) Stock Price Action
PFE stock dropped -1.67% on Tuesday. The traders had exchanged hands with 83,242,180 (83.24 million) shares compared to the average daily trading volume of 43.02 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
