Pfizer has posted a 98% decrease in net income attributable to common shareholders to $41m for the second quarter (Q2) of 2024, compared to $2.3bn in Q2 2023.

The pharmaceutical giant's diluted earnings per share (EPS) also saw a sharp decline to $0.01 from $0.41 in the same quarter of the previous year.

The company's revenues, however, saw a slight increase of 2%, amounting to $13.3bn, up from $13.0bn in Q2 2023.

This revenue growth is attributed to an operational increase of 3%, driven by the performance of acquired products, key in-line products and recent commercial launches.

These factors helped counterbalance the expected global decline in Comirnaty revenues and an unfavourable foreign exchange impact of $170m, or 1%.

When excluding the contributions from Comirnaty and Paxlovid, Pfizer's revenues were $12.8bn, marking an operational increase of 14% or $1.6bn compared with the same quarter of the previous year.

Operational revenue growth, excluding Comirnaty and Paxlovid, was primarily due to global revenues of $845m from Seagen, which Pfizer acquired in December 2023.

The growth was further supported by the Vyndaqel family, Eliquis and Nurtec ODT/Vydura globally, though partially offset by lower revenues from Xeljanz and Ibrance worldwide.

Pfizer has updated its full-year 2024 guidance, raising its adjusted diluted EPS forecast to between $2.45 and $2.65. The company also anticipates full-year 2024 revenues to be between $59.5bn and $62.5bn.

The updated revenue guidance includes an estimated $8.5bn from anticipated revenues for Comirnaty and Paxlovid, with approximately $5bn and $3.5bn expected respectively.

Pfizer chairman and CEO Dr Albert Bourla stated: “We are driving progress toward our 2024 strategic priorities through solid execution across the company. I am pleased with the strong performance of our product portfolio in the second quarter led by several of our acquired products, key in-line brands and recent commercial launches. Notably, we achieved exceptional growth in our oncology portfolio, with strong revenue contribution from our legacy-Seagen products.

“Overall, I am encouraged by our performance in the first half of 2024 and we remain focused on making a difference in the lives of patients as we continue to advance and strengthen our company.”

In May 2024, the company posted a reported net income of $3.11bn in Q1 2024 - a decrease of 44% from $5.54bn posted in Q1 2023.