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Pfizer (PFE) investor relations material
Pfizer Guidance summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Guidance summary16 Dec, 2025
Opening remarks and agenda
Call opened with introductions, a reminder of forward-looking statements, and non-GAAP measures.
Leadership highlighted resolution of major uncertainties, including a voluntary agreement with the U.S. government to reduce tariff and pricing risks.
Reaffirmed 2025 adjusted diluted EPS guidance and provided new 2026 financial guidance.
Agenda included review of 2026 financial guidance, strategic updates, and Q&A with analysts.
Mitigation strategies for COVID-19 impact were discussed, with adjusted diluted EPS exceeding expectations through Q3-25.
Guidance on key objectives
2026 revenue guidance set at $59.5–$62.5 billion, with COVID-19 product revenues expected to decline to ~$5 billion.
Adjusted diluted EPS for 2026 guided at $2.80–$3.00 per share, with a higher tax rate expected versus 2025.
Adjusted SI&A expenses projected at $12.5–$13.5 billion and R&D expenses at $10.5–$11.5 billion for 2026.
Non-COVID portfolio expected to grow ~4% operationally year-over-year, offsetting $1.5 billion in LOE headwinds.
No share repurchases planned for 2025 or 2026; dividend maintained at $0.43/share for Q1 2026.
Market trends and strategic opportunities
COVID revenues continue to decline, but underlying business strength and new launches drive growth.
Obesity and cardiometabolic therapies identified as major growth areas, with 15 clinical programs advancing in 2026, mostly in Phase 3.
Oncology remains a core strength, with new approvals and expanded indications for key products.
International growth and strong commercial execution highlighted, especially in primary and specialty care.
New Global Hospital and Biosimilars organization will launch in FY2026 to enhance medicine delivery and productivity.
How do Metsera/3SBio impact 2026 growth?
Quantify Cost Realignment Program savings.
What drives the higher 2026 effective tax rate?
Obesity portfolio: What are the 15 planned studies?
How will LOE headwinds impact P&L beyond 2026?
What is the long-term dividend growth strategy?
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Next Pfizer earnings date
Q4 20253 Feb, 2026
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Frequently asked questions
A Pharmaceutical Powerhouse
Pfizer is a global pharmaceutical corporation headquartered in New York City. Founded in 1849, it is one of the largest pharmaceutical companies in the world. The company is known for the development and distribution of healthcare solutions across a broad range of therapeutic areas. Pfizer's portfolio includes medicines, vaccines, and consumer health products aimed at improving patient health and well-being.
From Chemicals to Combatting Covid
Founded in 1849 by Charles Pfizer and Charles Erhart in Brooklyn, New York, Pfizer began as a manufacturer of fine chemicals. The company expanded over the decades, becoming a multinational corporation that now stands as one of the world's largest pharmaceutical companies. It has introduced a number of notable drugs to the market, including Lipitor, Viagra, and Zoloft. In 2020, in response to the global COVID-19 pandemic, Pfizer collaborated with BioNTech and developed a vaccine that became one of the first to receive emergency use authorization worldwide.
From Serious Conditions to Minor Issues
Pfizer's product portfolio encompasses a wide range of medical needs, from treating serious illnesses to addressing minor health conditions. For life-threatening diseases such as cancer, Pfizer offers oncology drugs designed to improve survival rates and quality of life. On the other end of the spectrum, the company also provides over-the-counter consumer healthcare products for everyday ailments like pain, colds, and digestive issues.
Serving Patients Worldwide
Like many other pharmaceutical companies, with Eli Lilly being a good example, Pfizer's operations are widespread, extending to more than 125 countries across the globe. The company maintains a robust distribution network that ensures a wide reach for its products. Its global operations encompass research and development, manufacturing, marketing, and distribution of a broad range of pharmaceuticals and health solutions. This means that patients located in different countries have access to more or less the same offerings of medications, local regulations permitting.
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