Pfizer Inc. (NYSE:PFE) lost some strength Wednesday, having provided its full-year 2024 guidance.
Pfizer expects full-year 2024 revenues to be in the range of $58.5 to $61.5 billion, which includes approximately $8 billion in anticipated revenues for Comirnaty and Paxlovid, approximately $3.1 billion in anticipated revenues from Seagen and approximately $1 billion related to the reclassification of Pfizer’s royalty income from Other (Income)/Deductions into the Revenue line.
Including the contribution from Seagen and excluding revenues from Comirnaty and Paxlovid, Pfizer expects to achieve full-year 2024 operational revenue growth of 8% to 10%. Excluding revenues from Comirnaty and Paxlovid and the expected contribution from Seagen, Pfizer expects to achieve full-year 2024 operational revenue growth of 3% to 5%. Both expected operational growth rate ranges are compared with the mid-point of
Pfizer’s full-year 2023 revenue guidance range provided on October 31, 2023, and account for the reclassification of royalty income.
Pfizer and Seagen have received all required regulatory approvals for the closing of the acquisition. Pfizer expects to complete the acquisition of Seagen on Tuesday, subject to the satisfaction of other customary closing conditions. Including the impact of Seagen, Pfizer anticipates full-year 2024 Adjusted SI&A expenses to be in the range of $13.8 billion to $14.8 billion and full-year 2024 Adjusted R&D expenses to be in the range of $11.0 to $12.0 billion. Consequently, total 2024 Adjusted SI&A and R&D expenses are expected to be in the range of $24.8 to $26.8 billion.
PFE shares slid $2.71, or 9.5%, to $25.87.
