Replies to post #6558 on Pfizer Inc (PFE)

[DewDiligence]

PFE issues 2025 financial guidance…

https://s28.q4cdn.com/781576035/files/doc_events/2024/Dec/17/FINAL-PFE-2025-Financial-Guidance-Press-Release.pdf

• Guidance for 2025 sales is $61-64B, up $1.2B from the range of $59.8-62.8B in 2024 guidance after excluding $1.2B of 2024 non-recurring Paxlovid sales to the US federal government stockpile. Thus, on an apples-to-apples basis, 2025 sales growth is expected to be flat to +5%.

• The 2025 sales guidance includes a $1B hit from the Medicare Part- D changes dictated by the IRA, i.e. drugmakers’ mandatory contributions to cover Part-D patients’ deductibles so that each patient’s annual out-of-pocket costs do not exceed $2,000.

• The 2025 sales guidance excludes pro rate equity income from Haleon because PFE is now a <20% shareholder in Haleon.

• Guidance for 2025 non-GAAP EPS is $2.80-3.00, up 10-18% from the 2024 range of $2.45-2.65 after excluding $0.30 of non-recurring 2024 earnings attributable to the Paxlovid item described above.

• 2025 COVID-related revenue is expected to be roughly the same as in 2024, excluding the $1.2B non-recurring Paxlovid item described above.

• 3.25x end-of-2025 target for debt/EBIDTA leverage.

• $500M in efficiency cost reductions to be realized during 2025, which is in addition to the $4.0B in such reductions already achieved during 2024.

CC slides:
https://s28.q4cdn.com/781576035/files/doc_events/2024/Dec/17/FINAL-Full-Year-2025-Guidance-Charts.pdf