Pfizer Inc

Latest Results (13.03.2026):

Pfizer Inc's fourth-quarter 2025 (and full-year 2025) results showed solid adjusted earnings and continued non‑COVID portfolio growth despite an overall revenue decline driven by lower COVID-19 product sales. Q4 revenue was $17.6 billion and full‑year revenue was $62.6 billion; reported Q4 diluted loss per share was $(0.29) (adjusted Q4 diluted EPS $0.66) and full‑year reported diluted EPS was $1.36 (adjusted $3.22). Management reaffirmed full‑year 2026 guidance and emphasized a busy clinical calendar and strategic investments to support future growth.

Key financials

Q4 2025 revenues $17.6B; FY 2025 revenues $62.6B. Q4 reported diluted LPS $(0.29); Q4 adjusted diluted EPS $0.66. FY reported diluted EPS $1.36; FY adjusted diluted EPS $3.22.

Operational growth ex‑COVID

Excluding Paxlovid and Comirnaty, Q4 2025 revenues rose 9% operationally and full‑year 2025 non‑COVID portfolio revenues grew 6% operationally — signaling underlying commercial strength outside COVID products.

Major product drivers

Q4 operational winners: Abrysvo +136%, oncology biosimilars +76%, Lorbrena +45%, Padcev +15%, Prevnar +8%, Eliquis +8%, Vyndaqel family +7%. Major declines: Comirnaty down 35% and Paxlovid down 70% operationally (lower demand and fewer government purchases).

Charges, margins and non‑GAAP adjustments

Q4 included $4.4B of non‑cash intangible asset impairment charges tied to changed plans and forecasts. Cost of sales and SI&A improved as a percent of revenue; R&D rose in Q4 (oncology and obesity spending). Adjusted metrics exclude certain acquisition, impairment and other items to arrive at adjusted income.

2026 guidance and assumptions

Pfizer reaffirmed full‑year 2026 guidance: revenues $59.5–$62.5B and adjusted diluted EPS $2.80–$3.00. Guidance assumes ~ $5B of COVID product revenues in 2026, an ~ $1.5B negative LOE impact, an adjusted effective tax rate near 15%, and headwinds from Most‑Favored‑Nation pricing, TrumpRx and tariffs.

Pipeline and R&D / strategic moves

Pfizer reported 11 key pivotal study starts in 2025 and plans ≈20 pivotal starts in 2026 (including ten pivots for ultra‑long‑acting obesity assets from Metsera and four for PF‑08634404, the PD‑1 x VEGF bispecific). FY 2025 R&D investment was $10.4B; business development spend ~ $8.8B (including Metsera acquisition and 3SBio in‑licensing).

Capital allocation

2025 cash dividends totaled $9.8B ($1.72/share). No share repurchases were completed in 2025; remaining repurchase authorization $3.3B and the company does not anticipate buybacks in 2026 under current guidance. Company plans continued de‑leveraging and prioritised reinvestment and dividends.

Investor access

Pfizer hosted its Q4/FY2025 earnings call on February 3, 2026; slides, prepared remarks and the replay are available on pfizer.com/investors. Summarized from source with an LLMView Source