Popular
Germany accuses China of laser targeting aircraft in...
A torpedoed US Navy ship escaped the Pacific...
More than 200 children found with high lead...
Russia launches record drone attack on Ukraine after...
Desperate Gaza doctors cram several babies into one...
Tariff Shock Spurs “Buy-the-Dip” Setups in Tesla and...
Juggernaut Closes $1,100,000 from Institutions and Accredited Investors
High Grade Cu-Au at Surface Delivers New Targets...
Strong Leach Recoveries and Low Impurities
Share Purchase Plan Offer Booklet
  • Home
HotInvestingPilots.com
  • Politics
  • World News
  • Stock
  • Investing
Investing

Big Pharma Stocks Eli Lilly, AbbVie and Pfizer Share Q3 Results

by November 4, 2024
written by November 4, 2024

Major pharmaceutical players Eli Lilly (NYSE:LLY), AbbVie (NYSE:ABBV) and Pfizer (NYSE:PFE) reported mixed Q3 results, with each company facing distinct market forces, ranging from supply issues to financial constraints.

In its latest quarterly report, released on Wednesday (October 30), Eli Lilly missed on sales expectations for Zepbound, its popular weight-loss drug, and Mounjaro, its diabetes medication. Despite growing US demand for these products, supply chain management issues impacted the company’s ability to meet Wall Street’s expectations.

According to Reuters, Eli Lilly dropped 8 percent on the news, reducing its market valuation by nearly US$70 billion.

CEO David Ricks said stock management issues with wholesalers were a major factor in the shortfall, noting that distributors were navigating storage and financial constraints that affected order volumes.

Eli Lilly’s Q3 report indicates that Zepbound and Mounjaro collectively contributed US$4.37 billion to the company’s revenues, falling short of analysts’ projections of US$4.89 billion. The company has revised its 2024 profit forecast.

For its part, AbbVie reported a year-on-year decrease in net income, driven primarily by increased operating costs.

The company recorded a 12 percent drop in net income for the third quarter, amounting to US$1.56 billion, while net revenues grew to US$14.46 billion, reflecting a 3.8 percent increase from the previous year.

AbbVie’s CEO, Robert Michael, underscored that the company has seen strong commercial execution and pipeline growth, leading it to increase its guidance for the remainder of the year. He also confirmed a quarterly dividend increase.

In Q3, the company incurred a rise in operating expenses, which totaled US$10.63 billion, up 9 percent from the previous year. The increase was attributed to research and development costs and strategic acquisitions.

AbbVie’s earnings also reflected an increase in pre-tax income, which rose by 5 percent year-on-year to US$2.08 billion for the quarter. The firm’s total revenues for the first nine months of 2024 climbed to US$41.23 billion, marking a 3 percent increase from the previous year, despite some challenges associated with operating costs.

On Monday (October 28), AbbVie announced plans to acquire privately held Aliada Therapeutics, a biotech company specializing in treatments for neurological disorders, for an estimated US$1.4 billion. The purchase will support AbbVie’s commitment to expanding its research and treatment capabilities in neurological and other specialty areas.

Meanwhile, Pfizer reported higher revenues, supported by strong sales of its COVID-19 therapies Paxlovid and Comirnaty.

The company’s quarterly revenues for Q3 totaled US$17.7 billion, up 31 percent year-on-year. This increase contributed to Pfizer’s revised guidance for the year, with projected revenues now estimated at US$61 billion to US$64 billion.

CEO Albert Bourla attributed the company’s performance to steady demand for COVID-19 medications, in addition to cost-control measures implemented during the quarter. A spike in COVID-19 cases contributed to heightened demand for Paxlovid, while Pfizer’s acquisition of Seagen bolstered revenues through additional sales of cancer treatments.

Pfizer’s adjusted financial outlook for 2024 reflects projected sales of up to US$64 billion, with estimated contributions of US$5 billion from Comirnaty and US$5.5 billion from Paxlovid for the year.

The company also reported growth across several key product lines, including Eliquis and Xtandi, though some products, like Xeljanz and Ibrance, saw declines due to regulatory changes and price pressures.

It’s worth noting that activist investor Starboard Value has reportedly acquired a US$1 billion stake in Pfizer, equivalent to 0.6 percent of the company’s total shares. Its aim is to ignite a turnaround at the company.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0 comment
0
FacebookTwitterPinterestEmail

previous post
Fission Uranium Grows Athabasca Basin Portfolio by Staking New Assets
next post
Ashburton Mineralisation Expands as Project Delivers Wide and High-grade Uranium Drill Results

Related Articles

Juggernaut Closes $1,100,000 from Institutions and Accredited Investors

July 9, 2025

High Grade Cu-Au at Surface Delivers New Targets...

July 9, 2025

Strong Leach Recoveries and Low Impurities

July 9, 2025

Share Purchase Plan Offer Booklet

July 9, 2025

Brunswick Exploration Has Now Identified Four Major New...

July 9, 2025

Top 5 Junior Gold Mining Stocks on the...

July 8, 2025

Stallion Uranium Enters into Technology Data Acquisition Agreement

July 8, 2025

Kobo Resources Launches Limited Edition Jersey to Support...

July 8, 2025

Australian Mines Enters Earn-in Deal with Cabral for...

July 8, 2025

Trump’s Big Beautiful Bill to Rewrite America’s Energy,...

July 8, 2025

Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

Recent Posts

  • Germany accuses China of laser targeting aircraft in EU mission

    July 9, 2025
  • A torpedoed US Navy ship escaped the Pacific in reverse, using coconut logs. Its sunken bow has just been found

    July 9, 2025
  • More than 200 children found with high lead levels after kindergarten in China uses paint as food coloring, authorities say

    July 9, 2025
  • Russia launches record drone attack on Ukraine after Trump criticizes Putin

    July 9, 2025
  • Desperate Gaza doctors cram several babies into one incubator as fuel crisis reaches critical point

    July 9, 2025
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 hotinvestingpilots.com | All Rights Reserved

HotInvestingPilots.com
  • Politics
  • World News
  • Stock
  • Investing