Pfizer reports 61% YoY profit surge in Q1 2024

30 Jul 2024 , 09:44 AM

Pfizer Ltd reported a 61.2% year-on-year (YoY) increase in net profit for the first quarter ending June 30, 2024, reaching ₹150.7 Crore.

In the corresponding quarter of the previous fiscal year, Pfizer’s net profit was ₹94 Crore. The company’s revenue from operations rose by 5.9% to ₹563 Crore, up from ₹531.4 Crore in the same period last year.

At the operating level, EBITDA increased by 60.2%, reaching ₹177.5 Crore in the first quarter of this fiscal year, compared to ₹110.8 Crore in the same quarter last year.

The EBITDA margin for the reporting quarter improved to 31.5%, up from 20.9% in the corresponding period of the previous fiscal year. EBITDA represents earnings before interest, tax, depreciation, and amortisation.

Pfizer Inc., headquartered in Manhattan, New York City, is a prominent American multinational pharmaceutical and biotechnology corporation.

The company develops and produces medicines and vaccines in various fields, including immunology, oncology, cardiology, endocrinology, and neurology.

Pfizer’s top products by sales in 2023 included:

• Pfizer–BioNTech COVID-19 vaccine, generating $11 billion in revenue.
• Apixaban, with $6 billion in revenue.
• Pneumococcal conjugate vaccine, also generating $6 billion in revenue.
• Palbociclib, with $4 billion in revenue.
• Tafamidis, generating $3 billion in revenue.

In 2023, 46% of Pfizer’s revenues came from the United States, 6% from Japan, and 48% from other countries.