Pfizer’s financial results in Q2 2024 were driven by strong commercial execution and solid progress on its strategic priorities. The company's diversified portfolio enabled it to navigate the anticipated decline in COVID-19 product sales, while its non-COVID product portfolio witnessed a 14% YoY revenue increase. Pfizer notably raised its full-year 2024 revenue guidance by $1 billion to a range of $59.5 billion to $62.5 billion.

Key Growth Drivers

1. Vyndaqel Family

The Vyndaqel family of drugs, composed of Vyndaqel, Vyndamax, and Vynmac, emerged as a standout performer globally, with a remarkable 69% YoY growth in Q2. This first-in-class, blockbuster treatment for transthyretin amyloid cardiomyopathy (ATTR-CM) was approved by the FDA in 2019 and granted fast track and orphan drug designations. Q2 growth was fueled by sustained demand in the U.S. and international developed markets.

While the basic product patent for Vyndaqel/Vyndamax is set to expire by the end of 2024 in the U.S. and by 2026 in Europe, Pfizer is actively working to extend patent protection. Pfizer has applied for a patent term extension to 2028 as the company also faces potential competition from BridgeBio's generic version of Vyndaqel, with an FDA decision anticipated on November 29, 2024.

2. Eliquis (Collaboration with Bristol-Myers Squibb)

Eliquis, a collaboration with Bristol-Myers Squibb, was Pfizer's top-selling drug in Q2, generating nearly $2 billion in sales according to Pfizer's reported revenue share. This growth was driven by continued adoption and market share gains in the non-valvular atrial fibrillation indication across the U.S. and key European markets, and partially offset by declines due to loss of exclusivity and generic competition in certain international regions.

3. Xtandi (Collaboration with Astellas Pharma)

Xtandi, a collaboration with Astellas Pharma, demonstrated a 17% year-over-year increase in Q2. Initially approved by the FDA for metastatic castration-resistant prostate cancer (mCRPC) in 2012, Xtandi has since received FDA approval for additional indications and solidified its position as a standard of care across various stages of prostate cancer.

Most recently, in November 2023, Xtandi secured FDA approval for the treatment of nonmetastatic high-risk prostate cancer, with its efficacy evaluated in the EMBARK trial. Additionally, in April 2024, Xtandi became the first and only novel hormone therapy available for the treatment of high-risk biochemical recurrent non-metastatic hormone-sensitive prostate cancer (nmHSPC) in the EU.

While Xtandi approaches its U.S. patent expiration in 2027, Pfizer is currently evaluating the drug in combination with Talzenna in the TALAPRO-3 phase 3 clinical trial for DNA damage repair (DDR)-deficient metastatic castration-sensitive prostate cancer (mCSPC), with study completion anticipated in August 2027.

4. Nurtec ODT/Vydura

Nurtec ODT/Vydura, Pfizer's migraine medicine, saw a 44.1% year-over-year increase in sales, driven primarily by strong demand in the U.S. and recent launches in international markets. Pfizer is already responding to generic drug makers attempting to introduce alternatives to Nurtec ODT, as the company aims to protect its market position. In a recent head-to-head clinical trial (CHALLENGE-MIG), Eli Lilly's competing migraine treatment, Emgality, did not achieve statistical superiority over Nurtec ODT in reducing monthly migraine headache days. While competitors are emerging, the efficacy and market performance of alternatives remain to be seen.

### 5. Oncology Portfolio and Legacy-Seagen Products

Pfizer's Oncology portfolio witnessed exceptional growth, with strong revenue contributions from its legacy-Seagen products, acquired from the Seagen acquisition in December 2023. The company reported global revenues of $845 million from legacy-Seagen products in Q2 2024, highlighting the contribution of this acquisition in bolstering Pfizer's oncology pipeline.

Pfizer now anticipates full-year operational revenue growth of 9% to 11%, excluding COVID-19 products. The company remains on track to achieve its 2024 goal of $4 billion in net cost savings from their cost realignment program. Additionally, Pfizer launched a Manufacturing Optimization Program which leads to anticipated cost savings of approximately $1.5 billion by the end of 2027, further underscoring its commitment to operational efficiency and long-term sustainability.