Pfizer Reports H1 2024 Financial Results: Total Revenue of $28.2 Billion and 23% Growth in Oncology Segment

On July 30, Pfizer announced its H1 2024 financial report, with total revenue of $28.162 billion, a year-on-year decrease of 11%, and net profit of $3.156 billion, a year-on-year decrease of 60%. This was mainly due to the impact of the COVID-19 vaccine Comirnaty and the COVID-19 oral drug Paxlovid.

Revenue in Q2 2024 was $13.283 billion, a year-over-year increase of 2%. This marks the first quarter of positive growth since Q4 2022. Excluding the impact of Comirnaty and Paxlovid, Pfizer's revenue in Q2 2024 was $12.8 billion, an increase of $1.6 billion (+14%) year over year.

In the first half of 2024, Paxlovid's revenue was $2.286 billion, a year-on-year decrease of 46%; Comirnaty's revenue was $548 million, a year-on-year decrease of 88%. The growth in the non-COVID business segment was mainly driven by ADC products from the acquisition of Seagen, Vyndaqel (tafamidis) drugs, and Eliquis (Apixaban), Xtandi (enzalutamide), and Nurtec ODT/Vydura contributed. The decline in sales was reflected in products such as oncology biosimilars and Ibrance (palbociclib).

Pfizer's Top 20 Best-Selling Drugs in H1 2024

According to the data disclosed in the financial report

Pfizer Aims to "Achieve Global Leadership in Oncology" as Strategic Goal. In the first half of 2024, oncology business revenue reached $7.505 billion, increasing by 23% year-on-year.

Pfizer 2024 Semi-Annual Report

DespiteBreast CancerThe sales of the blockbuster drug CDK4/6 inhibitor Ibrance (palbociclib) declined (-8%), but it still ranked first on the oncology drug sales list with revenue of $2.184 billion. The androgen receptor signaling inhibitor Xtandi (enzalutamide) earned $913 million in revenue (+20%), placing second. The third-generation ALK inhibitor Lorbrena (lorlatinib) also showed growth ($332 million, +46%).

In May this year, Lorbrena and the first-generation ALK inhibitor crizotinib were used as first-line treatments for ALK-positive advancedNSCLCFive-Year Results of the Head-to-Head Phase III CROWN3 Study on Patient Outcomes Released: Compared with Crizotinib, the risk of disease progression or death in the Lorbrena group was reduced by 81%, the median progression-free survival (mPFS) exceeded five years, and the objective response rate (ORR) reached 80%.

DOI:10.1200/JCO.24.00581

In December 2023, Pfizer acquired Seagen for $43 billion. In the first half of 2024, Seagen generated $1.587 billion in revenue for Pfizer. Pfizer previously projected that by 2030, Seagen's product portfolio is expected to contribute over $10 billion in annual sales.

Nectin-4 ADC Drug Padcev (Enfortumab Vedotin) Sales Reach $735 Million; CD30 ADC Drug Adcetris (Brentuximab Vedotin) Sales at $536 Million; HER2 ADC Drug Tukysa (Tucatinib) Sales at $227 Million; Tissue Factor (TF) ADC Drug Tivdak Sales at $60 Million.

These four ADCs were already on the market before the acquisition, with Tivdak receiving approval in the United States in 2021.FDAAccelerated approval: In April this year, the FDA fully approved the Tivdak supplemental Biologics License Application (sBLA) for the treatment of patients with recurrent or metastatic cervical cancer whose disease has progressed after chemotherapy.

In June, Adcetris combined with lenalidomide and rituximab for the treatment of relapsed/refractory diffuse large B-cellLymphomaThe Phase III ECHELON-3 clinical trial for (DLBCL) has achieved positive results. Compared with lenalidomide and rituximab combined with placebo, Adcetris combination therapy reduced the risk of patient death by 37%.

AnticoagulantEliquis sales reached $3.917 billion, becoming Pfizer's best-selling drug in the first half of 2024, with a year-on-year increase of 9%. The Prevnar family (Prevnar 20 & 13) achieved sales of $3.050 billion (+2%), ranking as Pfizer's second-best-selling drug in the first half of 2024, primarily driven by pediatric indications in the United States. In March 2024, the European Commission approved the 20-valent vaccine.Streptococcus pneumoniaeThe marketing authorization for the conjugate vaccine Prevnar 20.

Rare DiseasesTafamidis (Vyndaqel, Vyndamax, Vynmac) generated $2.46 billion in revenue, representing a 68% increase year-over-year, primarily driven by transthyretin amyloidosis.Cardiomyopathy(ATTR-CM) Indication Promotion.

Abrysvo is the second RSV (Respiratory Syncytial Virus) vaccine developed by Pfizer to be approved for marketing globally, with sales reaching $201 million. Its currently approved indication is for the prevention of lower respiratory tract diseases caused by RSV in pregnant women and individuals aged 60 and above. In the first half of 2024, Pfizer's pivotal Phase III MONeT clinical trial yielded positive results, leading to an application to expand its indications to include individuals aged 18 and above.

In other R&D advancements, in the first half of 2024, Pfizer's one-time gene therapy Beqvez received U.S. FDA approval for use in treating Hemophilia B.HemophiliaFor adult patients, the European Commission has also granted Beqvez conditional marketing authorization based on the results of the BENEGENE-2 study. Another gene therapy for adult patients with Hemophilia A, giroctocogene fitelparvovec, has also achieved positive results in Phase III clinical studies.

Pfizer 2024 Semi-Annual Report

On April 23, Emblaveo (aztreonam-avibactam), a β-lactam/β-lactamase inhibitor combination antibiotic jointly developed by Pfizer and AbbVie, was approved by the European Commission for the treatment of complicated intra-abdominal infections (cIAI), hospital-acquired pneumonia (HAP), and complicated...Urinary Tract Infection（cUTI）。

Pfizer 2024 Semi-Annual Report

In addition, due to Duchenne muscularMalnutritionThe Phase III CIFFREO study of the DMD (Duchenne Muscular Dystrophy) gene therapy fordadistrogene movaparvovec did not meet its primary endpoint, and Pfizer will terminate the development of this product. Pfizer has also abandoned an RSV (COVID-19Phase II Clinical Program of Combined Vaccine PF-07960613.

Looking ahead, Pfizer raises its 2024 full-year revenue forecast to $59.5-62.5 billion.