Pfizer Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.49%.
Did PFE Beat Earnings? Q4 2025 Results
Pfizer closed Q4 2025 with a stronger-than-expected performance, posting adjusted diluted EPS of $0.66 against a consensus estimate of $0.57, a beat of 15.79%, while revenue of $17.56 billion topped the $16.87 billion consensus by 4.09%, even as total sales slipped 1.2% year-over-year. The headline numbers masked a deeper strategic shift: <a href="https://247wallst.com/investing/2025/12/06/teva-crushes-earnings-as-pfizer-struggles-to-replace-covid-revenue/">Pfizer's post-COVID pivot</a> gained tangible traction this quarter, with non-COVID portfolio revenues growing 9% operationally, driven by standout contributions from Abrysvo, up 136%, Lorbrena, up 45%, and the Vyndaqel family, up 7%. Comirnaty and Paxlovid, however, declined 35% and 70% operationally, respectively, underscoring the uneven transition. On a GAAP basis, a net loss of $1.65 billion reflected $4.40 billion in non-cash impairment charges tied to pipeline revisions. Looking ahead, Pfizer reaffirmed 2026 revenue guidance of $59.50 to $62.50 billion and adjusted EPS of $2.80 to $3.00, with approximately 20 pivotal trial starts planned, including ten obesity assets from the Metsera acquisition.
- Non-COVID portfolio operational revenue growth of 6% for full-year 2025 and 9% for Q4
- Strong growth from Vyndaqel family driven by demand and uptake in patient diagnosis
- Eliquis growth from higher demand globally and favorable IRA-related pricing in the U.S.
- Abrysvo launch uptake for adult and maternal indications in international markets
- Oncology biosimilars growth driven by favorable net price in the U.S.
- Lorbrena growth from increased first-line ALK+ mNSCLC patient share
- Padcev growth from increased market share in first-line urothelial cancer
- Cost reduction initiatives and financial discipline driving strong EPS performance
- Cost of sales as percentage of revenues improved by 3.2 percentage points in Q4
“With excellent execution in 2025, we delivered a solid financial performance and strengthened Pfizer's foundation for future growth. Looking ahead, 2026 will be an important year rich in key catalysts, including our expectation for approximately 20 key pivotal study starts, and continued strategic investment to maximize our opportunities for industry-leading growth at the end of the decade.”
Pfizer CEO, on the earnings call
Forward Guidance & Outlook
Pfizer reaffirmed its full-year 2026 financial guidance: revenues of $59.5 to $62.5 billion and adjusted diluted EPS of $2.80 to $3.00. The guidance reflects approximately $5 billion in expected COVID-19 product revenues and an anticipated $1.5 billion negative revenue impact from loss of exclusivity. Adjusted SI&A expenses are guided at $12.5 to $13.5 billion, adjusted R&D expenses at $10.5 to $11.5 billion, and effective tax rate on adjusted income at approximately 15.0%. The guidance incorporates the anticipated unfavorable impact of Most-Favored-Nation drug pricing, TrumpRx, and currently imposed tariffs, and assumes diluted weighted-average shares outstanding of approximately 5.74 billion with no share repurchases. Approximately 20 key pivotal trial starts are planned for 2026, including ten for ultra-long-acting obesity assets from Metsera and four for PF-08634404 (PD-1 x VEGF bispecific antibody from 3SBio).
PFE YoY Financials
PFE Revenue by Segment
PFE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.