2024 Revenues ($USD) : $63.63B

Pfizer Inc. (NYSE: PFE) reported total revenues of $63.63 billion for FY2024. While this represented an improvement over 2023's $58.50 billion, it remains significantly lower than the $100.33 billion peak achieved in 2022, largely driven by pandemic-related products. The company highlighted 12% operational revenue growth when excluding its COVID-19 products (Comirnaty vaccine and Paxlovid treatment). Headquartered in New York, NY, Pfizer ended the year with approximately 81,000 employees and total assets of $213.00 billion.

Pfizer invested $10.82 billion in R&D during FY2024, representing 17.0% of its revenue. This is a slight decrease in ratio compared to 18.3% in 2023, reflecting the shifting revenue base post-pandemic.

The company continues navigating challenges following the sharp decline from its pandemic-era performance. As David Risinger, a Leerink Partners analyst, noted in The Washington Post: "We do not see low-hanging fruit to boost shareholder value."

However, Pfizer achieved a notable regulatory milestone subsequent to the fiscal year end, securing European Commission approval in April 2025 for its Respiratory Syncytial Virus (RSV) vaccine, ABRYSVO, for adults at increased risk.

Pfizer also confirmed progress on its ongoing cost realignment program, targeting approximately $4.5 billion in net cost savings by the end of 2025 as it adjusts to the post-pandemic reality. Commenting on the FY2024 results, BMO Capital Markets analyst Evan Seigerman suggested the performance was "unlikely to shock many investors, but we view another top- and bottom-line beat as positive for improving sentiment."

CEO Dr. Albert Bourla described the year thusly: "We made progress with commercial execution and achieved growth across our non-COVID product portfolio for full-year 2024, while managing the expected decline in our pandemic-related revenues."

For fiscal year 2025, Pfizer reaffirmed its financial guidance, projecting revenues between $61.0 billion and $64.0 billion and adjusted diluted earnings per share (EPS) between $2.80 and $3.00.