Summary by Moomoo AI
Pfizer Inc. reported a 20% decrease in total revenues to $14.9 billion in Q1 2024 from $18.5 billion in Q1 2023, with operational declines primarily due to reduced sales of Comirnaty and Paxlovid. Excluding these, revenues increased 11% operationally. Income from continuing operations before taxes fell to $3.4 billion from $6.3 billion year-on-year. The company's Biopharma segment remains the sole reportable segment, with a focus on oncology leadership, pipeline innovation, new product performance, margin expansion, and shareholder value enhancement. Pfizer's business development initiatives aim to capitalize on growth opportunities through advancing its product pipeline and maximizing existing product value. Looking ahead, Pfizer plans to leverage technology, including AI, to execute strategic priorities more efficiently. The company's future plans include a multi-year cost realignment program...Show More