Pfizer Stock Slips After Beat-And-Raise Quarter: What to Know
Pfizer reported a notable year-over-year decline in Q2 earnings, but the results still beat expectations. Here's what investors should know.


Pfizer (PFE) stock is trading in negative territory Tuesday even after the pharmaceutical giant topped analysts' expectations for its second quarter and raised its full-year outlook.
In the three months ended June 30, Pfizer said its revenue increased 2.1% year-over-year to $13.3 billion, thanks in part to 22% revenue growth in the U.S. to $7.9 billion. Its earnings per share (EPS) declined 10.4% from the year-ago period to 60 cents.
"This was Pfizer's first quarter of topline revenue growth, on a year-over-year basis, since the fourth quarter of 2022 when our COVID revenues peaked," said Pfizer Chief Financial Officer David Denton in a statement. "Importantly, the strong 14% operational revenue growth of our non-COVID products in the second quarter demonstrates our continued focus on commercial execution."

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The results topped analysts' expectations. Wall Street was anticipating revenue of $13 billion and earnings of 46 cents per share, according to Yahoo Finance.
"Pfizer once again delivered better-than-expected results at both the top and bottom line, wrote Lee Brown, global sector lead for healthcare at Third Bridge, in an emailed statement.
In addition to solid sales of Pfizer's heart disease drugs Vyndaqel and Vyndamax and its blood-clot treatment Eliquis, Brown highlighted Pfizer's cost-saving initiatives, "which are on track to deliver at least $4 billion in net cost savings by the end of this year, as well as recently launched manufacturing optimization program that is targeting cost savings of roughly $1.5 billion by the end of 2027."
Pfizer updates its full-year outlook
"With a successful first half now completed, we believe it is appropriate to update our full year earnings outlook to reflect our strong business performance," Denton said in prepared remarks.
Pfizer now anticipates revenue in the range of $59.5 billion to $62.5 billion and EPS in the range of $2.45 to $2.65 in 2024. This is up from its previous forecast of revenue in the range of $58.5 billion to $61.5 billion and earnings per share in the range of $2.15 to $2.35.
"We are clearly striving to bring about improved performance on both the top-and-bottom lines through focus, execution and delivering on our near-term commercial and financial goals," Denton said. "2024 is clearly a foundation year for Pfizer."
Is PFE stock a buy, sell or hold?
Not only is Pfizer one of Kiplinger's best stocks to buy, but Wall Street is also bullish on the healthcare stock.
According to S&P Global Market Intelligence, the average analyst target price for PFE stock is $32.19, representing an upside of more than 7% to current levels. Additionally, the consensus recommendation is Buy.
Related Content
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
-
Struggling with How to Plan a Trip? These 7 Companies Will Help
A review of several of the best and most unique travel companies to help plan your next vacation.
-
The Best Places for LGBTQ People to Retire in the US
Though marriage equality and laws blocking employment discrimination are in effect across the land, some cities and states are havens for the LGBTQ community.
-
Is a Silent Wealth Killer Stalking Your Retirement?
Poor tax planning can drain your retirement of tens or even hundreds of thousands. Stop the bleeding with a laser focus on tax efficiency.
-
Put Time on Your Side With This Simple Retirement Strategy
A financial professional recommends thinking in terms of three financial stages — active years, slower-paced years and later years — assigning each one a unique bucket of investments.
-
Stock Market Today: Investors Weigh Weekend Negotiations
Investors, traders and speculators will look to Switzerland for answers about the most compelling issue confronting global markets.
-
NOBL: An ETF For Dividend Aristocrats
The S&P 500 Dividend Aristocrats index consists of companies that have increased dividends for at least 25 consecutive years — and only one U.S. fund tracks it.
-
Five Opportunities if You're in the 2% Club in Retirement
If you're among the 2% of the population with both a pension and $1 million or more saved, you're in a unique yet complex position as you approach retirement.
-
I'm an Insurance Expert: This Is How You Get the Right Insurance Coverage at the Right Price
First, you have to know what you want and ask the right questions of the right professional. This insurance pro explains exactly how to do that.
-
Stock Market Today: Stocks Rise on Trump Trade Deal
The U.S. and the U.K. agreed to a trade agreement that includes lower automobile tariffs.
-
The Best Health Care Stocks to Buy
The best health care stocks offer investors a defensive hedge in an uncertain market. Here's how to find them.