Pfizer Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.55%.
Did PFE Beat Earnings? Q3 2025 Results
Pfizer <a href="https://247wallst.com/investing/2025/11/04/pfizers-q3-earnings-beat-on-top-and-bottom-lines/">delivered a strong earnings beat</a> in Q3 2025, posting adjusted diluted EPS of $0.87 against a consensus estimate of $0.64, a 36.96% upside surprise, even as total revenue slipped 5.9% year-over-year to $16.65 billion, edging past the $16.50 billion Wall Street expected. The central tension in the quarter was familiar: COVID-19 franchise erosion, with Paxlovid tumbling 55% operationally to $1.23 billion and Comirnaty falling 20% to $1.15 billion, offset by a non-COVID portfolio that grew 4% operationally, powered by Eliquis, the Vyndaqel family, and an oncology segment that generated $4.25 billion with Padcev, Lorbrena, and Braftovi all posting double-digit gains. Cost discipline also contributed meaningfully, with cost of sales as a percentage of revenue improving 4.7 percentage points year-over-year. Looking ahead, Pfizer raised and narrowed its full-year adjusted EPS guidance to $3.00 to $3.15, while reaffirming revenue guidance of $61.00 to $64.00 billion, signaling continued confidence despite ongoing patent cliff pressures and a competitive obesity market push via the proposed Metsera acquisition.
- Non-COVID portfolio operational revenue growth of 4%
- Eliquis growth driven by higher global demand and favorable U.S. net price from IRA Medicare Part D Redesign
- Vyndaqel family growth driven by continuing uptake in patient diagnosis
- Nurtec ODT/Vydura growth driven by strong U.S. demand and international launches
- Cost of sales as a percentage of revenue improved 4.7 percentage points year-over-year
- Favorable effective tax rate due to One Big Beautiful Bill Act and global tax resolutions
- Manufacturing Optimization Program contributing savings in Q3 2025
“I am proud of Pfizer's leadership as the first in our industry to reach an agreement with the U.S. Government, which we believe provides greater clarity for our business. Additionally, our recent strategic actions have strengthened opportunities to advance innovation that could address significant medical needs in high growth markets, helping us deliver value for patients and shareholders.”
Pfizer CEO, on the earnings call
Forward Guidance & Outlook
Pfizer reaffirmed full-year 2025 revenue guidance of $61.0 to $64.0 billion. The company raised and narrowed its full-year 2025 adjusted diluted EPS guidance to $3.00–$3.15 from $2.90–$3.10 previously, reflecting solid year-to-date performance, confidence in the business, progress on cost improvement initiatives, and an improved effective tax rate. Updated guidance includes approximately $0.20 unfavorable impact from a one-time $1.35 billion acquired IPR&D charge related to 3SBio. Guidance absorbs the impact of currently imposed tariffs from China, Canada, and Mexico. Adjusted R&D expenses guidance was narrowed to $10.0–$11.0 billion (from $10.4–$11.4 billion). The effective tax rate on adjusted income is now expected at approximately 11.0% (previously approximately 13.0%). On track to deliver approximately $7.2 billion in net cost savings by end of 2027. No share repurchases are anticipated in 2025.
PFE YoY Financials
PFE Revenue by Segment
PFE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.