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Pfizer (PFE) investor relations material
Pfizer Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenues were $16.7 billion, down 6–7% year-over-year, mainly due to lower COVID-19 product sales, while non-COVID portfolios grew 4% operationally and key products like Eliquis, Vyndaqel family, and Nurtec ODT/Vydura showed strong growth.
Achieved strategic milestones, including a landmark voluntary agreement with the U.S. Government providing pricing clarity and a three-year tariff grace period, and announced a $4.9 billion acquisition of Metsera to expand in obesity therapeutics.
R&D pipeline strengthened by licensing agreement with 3SBio and progress in late-stage oncology programs, with notable clinical data presented at major conferences.
Continued commercial excellence and market share gains in cardiometabolic, oncology, and vaccines, with international vaccine portfolio and specialty products driving growth.
Net income attributable to common shareholders was $3.54 billion for Q3 2025, with adjusted diluted EPS at $0.87 and reported diluted EPS at $0.62.
Financial highlights
Q3 2025 revenues were $16.7B, down 6–7% year-over-year, primarily due to lower COVID-19 product revenues; non-COVID products grew 4% operationally.
Adjusted diluted EPS was $0.87, down 16–18% year-over-year, impacted by a $1.35B R&D charge related to the 3SBio licensing agreement.
Cost of sales as a percentage of revenue improved to 23.9% from 27.5% year-over-year, reflecting favorable product mix and lower COVID-19 sales.
Operating cash flow for the first nine months was $6.36–$6.4 billion, including a $1.35 billion upfront payment for 3SBio.
Gross margin improved to 75–76% in Q3 2025.
Outlook and guidance
Full-year 2025 revenue guidance reaffirmed at $61–$64 billion, with non-COVID products performing ahead of plan and COVID franchise expected at the low end.
Adjusted diluted EPS guidance raised and narrowed to $3.00–$3.15 per share, reflecting strong cost management and operational efficiency.
Adjusted R&D expense expected at $10–$11 billion; effective tax rate projected at 11%.
No share repurchases anticipated in 2025; focus remains on reinvestment, deleveraging, and maintaining leverage targets.
Guidance absorbs impact of tariffs from China, Canada, and Mexico.
Update on Metsera acquisition and lawsuit
How does TrumpRx.gov impact future revenue?
What drives non-COVID portfolio growth?
Metsera valuation rationale given GLP-1 pricing?
How will MFN deal affect international launches?
R&D investment priorities from cost savings?
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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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