NEW YORK, July 30 (Xinhua) -- U.S. drugmaker Pfizer Inc. on Tuesday reported better-than-expected operating results in the second quarter and raised its operating guidance for 2024.
Pfizer recorded 13.28 billion U.S. dollars of revenues in Q2, up 2 percent year on year and higher than market expectation of 12.96 billion U.S. dollars.
"This was Pfizer's first quarter of topline revenue growth, on a year-over-year basis, since the fourth quarter of 2022 when our COVID revenues peaked," said David Denton, chief financial officer and executive vice president of Pfizer.
Pfizer realized 60 cents of adjusted diluted earnings per share (EPS), down 11 percent year on year, but higher than analysts' expectation of 46 cents, according to the company and market information supplier FactSet.
Pfizer's net income slumped to 41 million U.S. dollars in Q2 from 2.32 billion U.S. dollars in the same period of 2024 due to 1.3 billion U.S. dollars of one-time costs for its manufacturing optimization program.
"I am pleased with the strong performance of our product portfolio in the second quarter led by several of our acquired products, key in-line brands and recent commercial launches," said Pfizer Chairman and Chief Executive Officer Albert Bourla, noting exceptional growth in Oncology portfolio.
"We are driving progress toward our 2024 strategic priorities through solid execution across the company," said Bourla.
Pfizer raised its full-year 2024 revenue guidance by 1 billion U.S. dollars to the range of 59.5 billion to 62.5 billion U.S. dollars and lifted adjusted diluted EPS by 30 cents to the range of 2.45 U.S. dollars to 2.65 U.S. dollars.
