PFIZER (PFE) Company Report

For full-year 2025, Pfizer reported $62.6 billion in revenues (–2% operationally YoY), with non-COVID sales up 6%; Q4 revenues were $17.6 billion (–3% operationally) as non-COVID grew 9%.
Adjusted diluted EPS was $3.22 for 2025 (vs. $3.11 in 2024) and $0.66 in Q4; adjusted gross margins were 76% for the year and 71% in Q4.
2026 guidance was reaffirmed at $59.5 billion–$62.5 billion in revenues and $2.80–$3.00 in adjusted EPS, assuming ~$5 billion from COVID products and ~4% operational growth ex-COVID/LOE at midpoint.
Capital allocation priorities include returning $9.8 billion via dividends in 2025, maintaining ~2.7× leverage exiting 2025, and holding $7 billion of BD capacity following the planned ViiV stake sale.

6 hours ago

Transcript

Pfizer announces Q4 2025 results and 2026 guidance

PFE

Earnings

Guidance Update

Full-year 2025 revenues of $62.6 billion (–2% operational; +6% ex-COVID) and adjusted diluted EPS of $3.22, both ahead of expectations.
Q4 2025 revenues of $17.6 billion (–3% operational; non-COVID products +9%) with an adjusted gross margin of ~71%.
Reaffirmed 2026 guidance: revenues $59.5–62.5 billion, adjusted diluted EPS $2.80–3.00, COVID products ~$5 billion in sales and ~4% operational growth ex-COVID/LOE.
Continued strategic progress: 2025 delivered 4 approvals, 8 key readouts, 11 pivotal study starts; strengthened pipeline via Metsera, Yao Pharma and 3SBio deals; planning 20+ pivotal studies in 2026 and expanding R&D AI capacity to 1,200 GPUs.

7 hours ago

Transcript

Pfizer reports Q4 2025 results

PFE

Earnings

Guidance Update

Full-year 2025 revenues of $62.6 billion (–2% operational), with non-COVID revenue growth of 6%, and adjusted diluted EPS of $3.22 (vs. $3.11 LY).
Q4 2025 revenues of $17.6 billion (–3% operational), non-COVID sales +9% y/y; adjusted diluted EPS of $0.66.
Recorded $4.4 billion of non-cash impairments in Q4 to reprioritize development assets, notably favoring PADCEV over disitamab vedotin in bladder cancer.
Achieved $600 million in manufacturing optimization savings in 2025; targeting $1.5 billion total by end-2027.
Reaffirmed 2026 guidance: revenues $59.5–62.5 billion, adjusted EPS $2.80–3.00, with COVID products ~$5 billion.

7 hours ago

Transcript

PFE

New Projects/Investments

Guidance Update

Pfizer’s Phase 2b VESPER-3 trial of PF-3944 achieved 12.3% placebo-adjusted weight loss at Week 28 with monthly maintenance dosing after weekly titration.
The trial showed continued, non-plateauing weight loss on monthly doses up to 4.8 mg, and Pfizer plans to test a higher 9.6 mg monthly cohort in its pivotal Phase 3 program.
In the same update, Pfizer beat Q4 adjusted EPS expectations with $0.66 vs. $0.57 expected, while reporting a GAAP net loss of $1.65 billion for the quarter.
Pfizer expects COVID vaccine and Paxlovid sales to decline by ~$1.5 billion year-over-year to roughly $5 billion, and anticipates another ~$1.5 billion revenue impact from competition and patent expiries.

10 hours ago

CNBC

Pfizer reports solid full-year 2025 results, reaffirms 2026 guidance

PFE

Earnings

Guidance Update

Full-year 2025 revenues of $62.6 billion, a 2% operational decline; ex-COVID products revenues grew 6% operationally.
Adjusted diluted EPS of $3.22 for 2025 (reported diluted EPS of $1.36).
Q4 2025 revenues of $17.6 billion, a 3% operational decline, and adjusted diluted EPS of $0.66.
Reaffirms 2026 guidance: revenues of $59.5–62.5 billion and adjusted diluted EPS of $2.80–3.00.

12 hours ago

Press Release

Pfizer reports Q4 2025 results and reaffirms 2026 guidance

PFE

Earnings

Guidance Update

Full-year 2025 revenues were $62.6 B, down 2% operationally; fourth-quarter revenues were $17.6 B, down 3% operationally (ex-COVID products grew 9% operationally).
Adjusted diluted EPS for 2025 was $3.22, up 4% year-over-year; Q4 2025 Adjusted EPS was $0.66, up 5%.
Reaffirmed 2026 guidance: revenues of $59.5–$62.5 B and Adjusted diluted EPS of $2.80–$3.00.
Advanced 11 key pivotal study starts in 2025 and plans ~20 pivotal study starts in 2026, reflecting continued pipeline investment.

12 hours ago

8-K

Pfizer reports Q4 2025 results

PFE

Earnings

Guidance Update

New Projects/Investments

In Q4 2025, Pfizer generated $17.6 billion in revenue (–3% y/y) and $0.66 in adjusted diluted EPS (+3% y/y).
For FY 2025, revenue reached $62.6 billion with adjusted diluted EPS of $3.22.
The company reaffirmed its 2026 guidance of $59.5–$62.5 billion in revenues and $2.80–$3.00 in adjusted diluted EPS.
Pfizer highlighted a strengthened pipeline with 4 approvals, 8 critical readouts, and 11 pivotal study starts, and outlined priorities to maximize acquisitions’ value and scale AI across the business.

12 hours ago

Presentation

Pfizer reports positive Phase 2b VESPER-3 weight-loss results

PFE

Pfizer’s ultra-long-acting GLP-1 RA PF-08653944 achieved up to 12.3% mean placebo-adjusted weight loss at week 28 with monthly dosing, demonstrating continued weight reduction and no plateau in efficacy (P < 0.001).
Monthly maintenance dosing (Arms 1 and 3) delivered 10.0% and 12.3% placebo-adjusted weight loss, respectively, reinforcing feasibility of four-fold reduced dosing frequency in Phase 3 (n≈54 per arm).
The treatment was well-tolerated, with mostly mild or moderate gastrointestinal events, zero severe diarrhea, and balanced discontinuations due to adverse events between weekly and monthly phases.
Pfizer plans to initiate 10 Phase 3 trials of PF-08653944 in 2026 as part of a broader 20+-study obesity program, including once-weekly and once-monthly dosing studies in populations with and without type 2 diabetes .

12 hours ago

Press Release

Pfizer reaffirms FY26 outlook after Q4 beat

PFE

Earnings

Guidance Update

Pfizer reaffirmed FY26 guidance of adjusted EPS $2.80–$3.00 and revenues of $59.5–$62.5 billion, including roughly $5 billion of COVID-19 product revenue and a $1.5 billion headwind from loss of exclusivity on certain drugs.
In Q4, adjusted EPS of $0.66 topped Street estimates despite a GAAP net loss of $1.65 billion (or $0.29 per share) versus net income of $410 million (or $0.07 per share) a year ago.
Q4 revenue was $17.56 billion, down 1% year-over-year, up 3% on an operational basis and up 9% operationally excluding Paxlovid and Comirnaty.
Management will run about 20 pivotal trials in 2026—around ten for ultra-long-acting obesity treatments and four for a bispecific antibody program—and assumes roughly flat gross and operating margins with a higher adjusted tax rate in its guidance.

1 day ago

Barron's

Pfizer commits $23B to oncology pivot

PFE

New Projects/Investments

Guidance Update

Pfizer is redirecting $23 billion of pandemic windfalls toward oncology R&D and business development, allocating over 40% of annual R&D to oncology to offset declining COVID drug sales and looming patent cliffs.
COVID-related revenues plunged from about $56 billion in 2022 to roughly $12 billion in 2023, underscoring the urgency of the strategic shift.
The company guides full-year revenues of $59.5 billion to $62.5 billion and adjusted EPS of $3.00–$3.15, while Q4 2025 consensus estimates call for $16.93 billion in revenue and $0.56–$0.57 EPS.
Management highlights cost actions and portfolio streamlining, with key Phase 3 oncology readouts expected in 2026 to catalyze growth.