Pfizer Reports Solid Full-Year 2025 Results And Reaffirms 2026 Guidance

• Focused Execution Drives Strong Full-Year 2025 EPS Performance
• Enters 2026 with Clear Strategic Priorities and Growing Late-Stage Pipeline
• Advanced 11 Key Pivotal Study Starts in 2025 and ~20 Key Pivotal Study Starts Planned for 2026

NEW YORK–(BUSINESS WIRE)–Pfizer Inc. (NYSE: PFE) reported financial results for fourth-quarter and full-year 2025 and reaffirmed its full-year 2026 financial guidance⁽¹⁾ provided on December 16, 2025.

EXECUTIVE COMMENTARY

Dr. Albert Bourla, Chairman and CEO of Pfizer:

“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.”

David Denton, CFO and EVP of Pfizer:

“I’m pleased with our solid financial results in 2025. With focused commercial execution, we delivered full-year operational revenue growth of 6% for our non-COVID portfolio, and our continued financial discipline drove strong EPS performance. Today, we are reaffirming our full-year 2026 financial guidance.”

OVERALL RESULTS

• Full-Year 2025 Revenues of $62.6 Billion, Reflecting a 2% Year-over-Year Operational Decline
  • Excluding Contributions from Paxlovid and Comirnaty, Revenues Grew 6% Operationally
• Full-Year 2025 Reported⁽²⁾ Diluted EPS of $1.36 and Adjusted⁽³⁾ Diluted EPS of $3.22
• Fourth-Quarter 2025 Revenues of $17.6 Billion, Representing a 3% Year-over-Year Operational Decline
  • Excluding Contributions from Paxlovid and Comirnaty, Revenues Grew 9% Operationally
• Fourth-Quarter 2025 Reported⁽²⁾ Diluted Loss Per Share (LPS) of $(0.29) and Adjusted⁽³⁾ Diluted EPS of $0.66
• Reaffirms All Components of Full-Year 2026 Financial Guidance⁽¹⁾, including Revenues in a Range of $59.5 to $62.5 Billion and Adjusted⁽³⁾ Diluted EPS in a Range of $2.80 to $3.00

Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates⁽⁴⁾.

Results for the fourth quarter and full year of 2025 and 2024⁽⁵⁾ are summarized below.

REVENUES

2026 FINANCIAL GUIDANCE⁽¹⁾

• Reaffirms full-year 2026 Revenue guidance in a range of $59.5 to $62.5 billion and Adjusted⁽³⁾ diluted EPS guidance⁽¹⁾ in a range of $2.80 to $3.00.
• The reaffirmed 2026 Revenue guidance reflects the expectation of approximately $5 billion in revenues from our COVID-19 products and an expected year-over-year negative revenue impact of approximately $1.5 billion due to certain products experiencing loss of exclusivity (LOE)⁽¹⁾.
• 2026 Adjusted⁽³⁾ diluted EPS guidance primarily reflects our expected revenues, anticipated stable gross and operating margins versus full-year 2025, and an anticipated higher tax rate on Adjusted⁽³⁾ income versus full-year 2025. Additionally, our guidance reflects our expectation for a continued focus on prioritization in key therapeutic areas as well as our plan to start approximately 20 key pivotal trials in 2026, including ten pivotal trials for ultra-long-acting obesity assets acquired from Metsera and four pivotal trials for PF-08634404 (a PD-1 x VEGF bispecific antibody in-licensed from 3SBio).
• The company’s guidance reflects the anticipated unfavorable impact of Most-Favored-Nation drug pricing and TrumpRx.
• The company’s guidance includes the anticipated impact of currently imposed tariffs.

CAPITAL ALLOCATION

In 2025, Pfizer deployed its capital in a variety of ways, which primarily included:

• Reinvesting capital into initiatives intended to enhance the future growth prospects of the company, including:
  • $10.4 billion invested in internal research and development projects, and
  • Approximately $8.8 billion invested in business development transactions, primarily reflecting the Metsera acquisition and the 3SBio in-licensing deal.
• Returning capital directly to shareholders through $9.8 billion of cash dividends, or $1.72 per share of common stock.

Our capital allocation framework is designed to enhance long-term shareholder value, and is based on three core pillars: (i) maintaining and, over the long term, growing our dividend, (ii) reinvesting in the business, including maintaining the flexibility to deploy capital towards potential value-creating business development transactions, and (iii) in the future, the potential to resume the return of capital to shareholders through value-enhancing share repurchases. The company expects to continue to de-lever over the longer term in a prudent manner in order to maintain a balanced capital allocation strategy.

No share repurchases were completed in 2025. As of February 3, 2026, Pfizer’s remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any share repurchases in 2026.

For the fourth quarter of 2025, basic weighted-average shares outstanding of 5,686 million were used to calculate Reported⁽²⁾ LPS and diluted weighted-average shares outstanding of 5,722 million were used to calculate Adjusted⁽³⁾ diluted EPS.

QUARTERLY FINANCIAL HIGHLIGHTS (Fourth-Quarter 2025 vs. Fourth-Quarter 2024)

Fourth-quarter 2025 revenues totaled $17.6 billion, a decrease of $206 million, or 1%, compared to the prior-year quarter, reflecting an operational decrease of $484 million, or 3%, and a favorable impact of foreign exchange of $278 million. The operational decrease was primarily driven by a year-over-year decline in COVID-19 product revenues, partially offset by an increase in revenues for Abrysvo, Oncology biosimilars, Eliquis, the Prevnar family, the Vyndaqel family, and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, revenues for the fourth quarter grew 9% operationally.

Fourth-quarter 2025 operational revenue reflected higher revenues primarily for:

• Abrysvo globally, up 136% (or up $270 million) operationally, driven primarily by launch uptake for both the adult and maternal indications in certain international markets, as well as favorable net price and market share for the adult indication in the U.S.; partially offset by lower vaccination rates for the older adult indication in the U.S. following an updated recommendation by the Advisory Committee on Immunization Practices;
• Oncology biosimilars globally, up 76% operationally, driven primarily by favorable net price in the U.S.;
• Eliquis globally, up 8% operationally, driven primarily by higher demand globally and, as anticipated, favorable net price in the U.S. as a result of the year-over-year impact of the elimination of the coverage gap as part of the IRA Medicare Part D Redesign; partially offset by a reduction in sales due to lower inventory in the U.S. distribution channel related to year-end buying patterns, as well as generic entry and price erosion in certain international markets;
• Prevnar family globally, up 8% operationally, driven primarily by strong uptake of the adult indication in certain international markets, coupled with continued uptake of the adult indication in the U.S. as a result of strong demand following the U.S. Centers for Disease Control and Prevention (CDC) recommendation for ages 50-64; partially offset by lower market share in the U.S. and timing of shipments in certain international markets;
• Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up 7% operationally, driven largely by strong demand with continuing uptake in patient diagnosis primarily in the U.S. and certain international developed markets, as well as improved patient affordability in the U.S.; partially offset by lower net price in the U.S. due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign and, to a lesser extent, new payer contracts with reduced pricing;
• Lorbrena globally, up 45% operationally, driven primarily by increased patient share in the first-line ALK-positive metastatic non-small cell lung cancer (ALK+ mNSCLC) treatment setting in the U.S., China, and certain other international markets, partially offset by lower net price in the U.S. mainly due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D redesign; and
• Padcev globally, up 15% operationally, driven primarily by increased market share in first-line locally advanced or metastatic urothelial cancer (la/mUC);

more than offset primarily by lower revenues for:

• Comirnaty globally, down 35% operationally, driven primarily by a decline in international markets from both lower contractual deliveries and lower vaccination rates in commercial markets, as well as lower utilization in the U.S. resulting from a narrower recommendation for vaccination; and
• Paxlovid globally, down 70% operationally, driven primarily by lower COVID-19 infections across U.S. and international markets and lower international government purchases; partially offset by higher net price in the U.S. following transition from the U.S. government agreement.

GAAP Reported⁽²⁾ Statement of Operations Highlights

SELECTED REPORTED⁽²⁾ COSTS AND EXPENSES

Fourth-quarter 2025 Cost of Sales⁽²⁾ as a percentage of revenues decreased by 3.2 percentage points compared to the prior-year quarter, primarily driven by (i) a favorable change in sales mix including lower sales of Comirnaty, and (ii) lower amortization from the step-up of acquired inventory; partially offset by (iii) an unfavorable impact of foreign exchange and (iv) a lower favorable revision of our estimate of accrued royalties in the fourth quarter of 2025 compared to the prior-year quarter.

Fourth-quarter 2025 SI&A Expenses⁽²⁾ decreased 3% operationally compared to the prior-year quarter, primarily reflecting focused investments and ongoing productivity improvements that drove a decrease in marketing and promotional spend for various products and lower spending in corporate enabling functions, partially offset by an increase in liabilities payable to participants of our supplemental savings plan.

Fourth-quarter 2025 R&D Expenses⁽²⁾ increased 5% operationally compared to the prior-year quarter, driven primarily by an increase in spending in oncology and obesity product candidates, partially offset by a net decrease in spending due to pipeline focus and optimization including the expansion of our digital capabilities.

Fourth-quarter 2025 Acquired In-Process R&D Expenses⁽²⁾ increased $124 million compared to the prior-year quarter, driven primarily by a $150 million charge related to an in-licensing agreement with YaoPharma.

The unfavorable period-over-period change in Other (income)/deductions—net⁽²⁾ of $2.2 billion for the fourth quarter of 2025, compared to the prior-year quarter, was driven primarily by (i) higher intangible asset impairment charges in the fourth quarter of 2025, (ii) lower net gains on equity securities and (iii) the non-recurrence of gains on the partial sale of our previous investment in Haleon plc (Haleon) equity in the fourth quarter of 2024; partially offset by (iv) net periodic benefit credits associated with pension and postretirement plans incurred in the fourth quarter of 2025 versus net periodic benefit costs incurred in the fourth quarter of 2024. Included in Other (income)/deductions—net⁽²⁾ are total non-cash intangible asset impairment charges of $4.4 billion that were taken in the fourth quarter of 2025 due to changes in development plans and updated long-range commercial forecasts.

Pfizer’s effective tax rate on Reported⁽²⁾ loss for the fourth quarter of 2025 reflects the jurisdictional mix of earnings as well as resolutions with tax authorities.

Adjusted⁽³⁾ Statement of Operations Highlights

SELECTED ADJUSTED⁽³⁾ COSTS AND EXPENSES

See the reconciliations of certain Reported⁽²⁾ to non-GAAP Adjusted⁽³⁾ financial measures and associated footnotes in the financial tables section of this press release located at the hyperlink below.

FULL-YEAR REVENUE SUMMARY (Full-Year 2025 vs. Full-Year 2024)

Full-year 2025 revenues totaled $62.6 billion, a decrease of $1.0 billion, or 2%, compared to full-year 2024, reflecting an operational decrease of $1.3 billion, or 2%, partially offset by a favorable impact of foreign exchange of $247 million. Excluding contributions from Comirnaty and Paxlovid, revenues for the full-year grew 6% operationally.

The operational decrease was primarily driven by a year-over-year decline in COVID-19 product revenues largely due to lower infection rates impacting Paxlovid demand as well as a narrower vaccine recommendation for COVID-19 in the U.S. impacting Comirnaty sales; partially offset by growth contributions led by the Vyndaqel family, Eliquis, Padcev, Lorbrena, Abrysvo, and Oncology biosimilars.

RECENT NOTABLE DEVELOPMENTS (Since November 4, 2025)

Product Developments

Pipeline Developments

A comprehensive update of Pfizer’s development pipeline was published today and is now available at www.pfizer.com/science/drug-product-pipeline. It includes an overview of Pfizer’s research and a list of compounds in development with targeted indication and phase of development, as well as mechanism of action for some candidates in Phase 1 and all candidates from Phase 2 through registration.

Corporate Developments

PFIZER TO HOST CONFERENCE CALL

Please find Pfizer’s press release and associated financial tables, including reconciliations of certain GAAP reported to non-GAAP adjusted info

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