By Josh Nathan-Kazis
Shares of Pfizer were rising in premarket trading Tuesday after the drug company released financial guidance for 2025 that roughly lined up with Wall Street expectations.
Pfizer said it expects revenue of between $61 billion and $64 billion next year, in line with the current $63.2 billion FactSet consensus estimate.
The company said it anticipates adjusted earnings of between $2.80 and $3 a share in 2025. Analysts had been expecting adjusted earnings of $2.86.
Sales of Pfizer's Covid-19 products will be roughly similar in 2025 to 2024, the company said, with the exception of $1.2 billion in non-recurring revenue tied to government purchases of the Covid-19 antiviral Paxlovid this year.
Pfizer shares came into Tuesday down 12% for the year.
The company has been working through numerous cost-cutting programs. Pfizer said those remained on track, and that it would see an additional $500 million in savings in 2025.
"Pfizer is in a strong position to continue making a positive impact for patients and delivering on our financial commitments in 2025," CEO Albert Bourla said in a statement. "Our team will build on a year of disciplined execution in 2024 and our product portfolio remains strong."
Write to Josh Nathan-Kazis at josh.nathan-kazis@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 17, 2024 07:20 ET (12:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
