Pfizer Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.07%.
Did PFE Beat Earnings? Q2 2025 Results
Pfizer delivered a standout second quarter of 2025, posting adjusted diluted EPS of $0.78 against a consensus estimate of $0.57, a beat of 35.94%, while revenue of $14.65 billion topped expectations by 8.29% and rose 10.3% year over year. The broad-based performance was anchored by remarkable momentum across key franchises, with Comirnaty gaining from higher U.S. market share and international contractual deliveries, and Paxlovid benefiting from improved net pricing following the government agreement transition. Vyndaqel continued its steady climb, growing 21% operationally to $1.61 billion on expanding patient diagnosis. Cost discipline was equally notable, with both SI&A and R&D expenses declining 8% operationally, reinforcing Pfizer's ongoing restructuring progress. Looking ahead, the company reaffirmed full-year 2025 revenue guidance of $61.0 to $64.0 billion and lifted its adjusted EPS outlook by $0.10 to a range of $2.90 to $3.10, even as it absorbs a roughly $0.20 hit from a $1.35 billion IPR&D charge tied to its 3SBio licensing deal expected in Q3; for investors drawn to <a href="https://247wallst.com/investing/2025/06/27/5-recession-proof-dividend-stocks-with-yields-over-6/">durable income-generating names</a>, Pfizer's trajectory offers renewed conviction.
- Vyndaqel family growth driven by strong demand and continuing uptake in patient diagnosis
- Comirnaty growth from higher U.S. market share and international contractual deliveries
- Paxlovid growth from higher U.S. net price following government agreement transition and favorable rebate accrual adjustments
- Padcev growth from increased first-line urothelial cancer market share and U.S. wholesaler distribution model transition
- Focused commercial execution and ongoing productivity improvements reducing SI&A spending
- Operational efficiency gains from cost realignment program and R&D pipeline optimization
- Favorable jurisdictional mix of earnings improving effective tax rate
“Pfizer had another strong quarter of focused execution and we're pleased with our progress in advancing our R&D pipeline, driving our commercial performance and expanding our margins. We continue to strengthen our company for the future and we're confident in our ability to create further value for patients and our shareholders.”
Pfizer CEO, on the earnings call
Forward Guidance & Outlook
Pfizer reaffirmed its full-year 2025 revenue guidance of $61.0 to $64.0 billion and raised its adjusted diluted EPS guidance by $0.10 to a range of $2.90 to $3.10 (previously $2.80 to $3.00). The raised EPS guidance reflects strong year-to-date performance, continued business confidence, favorable foreign exchange impact, progress with cost improvement initiatives, and improvement in effective tax rate. The guidance absorbs a one-time ~$0.20 impact from a $1.35 billion acquired IPR&D charge related to the 3SBio licensing agreement to be recorded in Q3 2025. The company also absorbs the impact of currently imposed tariffs from China, Canada, and Mexico, as well as potential price changes based on the July 31, 2025 letter from President Trump. Adjusted SI&A expenses are guided at $13.1 to $14.1 billion (previously $13.3 to $14.3 billion), adjusted R&D expenses at $10.4 to $11.4 billion (previously $10.7 to $11.7 billion), and effective tax rate on adjusted income at approximately 13.0% (previously approximately 15.0%). An anticipated unfavorable revenue impact of approximately $0.5 billion is expected from generic and biosimilar competition. No share repurchases are anticipated in 2025.
PFE YoY Financials
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Figures from SEC filings and company reports. Not investment advice.