Pfizer Sees Drastic 98% Drop in Quarterly Profit
Revenue Grows Modestly Amid Challenges
Pfizer Inc. [NYSE: PFE] reported a significant drop in profit for the second quarter of 2024, with net income plummeting to $41 million from $2,327 million in the previous quarter. The quarter, ending on June 30, 2024, marked a sharp 98% decrease in profitability from the company's performance in the first quarter of the same year.
The earnings per share (EPS) for Q2 2024 of the pharmaceutical giant, headquartered in New York, NY, decreased to $0.01 compared to $0.41 in the previous quarter.
Prizer shares opened at $31.01 Tuesday and closed 2.18% up at $31.39. The shares saw some rangebound movement hitting the day’s low of $29.78 and high of $31.54.
Pfizer saw its revenue reach $13.3 billion this quarter, reflecting a slight increase from $13 billion in the previous period. As a key player in the pharmaceuticals sector, this growth represents a consistent demand for its products despite broader market challenges.
However, the company's profit for Q2 2024 took a dramatic turn, mirroring the 98% decline observed when compared to the $2.3 million reported for the same period last year. This marks a significant shift in the company’s financial health year-over-year.
