Pfizer (PFE) Q3 2025 earnings summary

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 portfolio grew 4% operationally, led by Eliquis, Vyndaqel, and Nurtec ODT/Vydura.

• Adjusted diluted EPS for Q3 was $0.87, down 16–18% year-over-year, impacted by a $1.35 billion acquired in-process R&D charge related to the 3SBio licensing agreement; reported diluted EPS was $0.62.

• Achieved strategic milestones, including a landmark voluntary agreement with the U.S. Government on drug pricing and tariffs, and announced a $4.9 billion acquisition of Metsera to expand the obesity portfolio.

• Continued robust commercial performance and pipeline progress, highlighted by practice-changing oncology data at ESMO 2025 and strong international vaccine growth.

• Full-year 2025 revenue guidance reaffirmed at $61.0–$64.0 billion; adjusted EPS guidance raised and narrowed to $3.00–$3.15.

Financial highlights

• Q3 2025 revenues were $16.7 billion, down 6–7% year-over-year, primarily due to lower COVID-19 product sales, especially Paxlovid and Comirnaty.

• Non-COVID products grew 4% operationally year-over-year, driven by Eliquis, Vyndaqel, and Nurtec ODT/Vydura.

• Adjusted diluted EPS was $0.87, ahead of expectations but down year-over-year due to a $1.35 billion R&D charge.

• Cost of sales as a percentage of revenue improved to 23.9–25.0%, reflecting favorable product mix and lower COVID-19 sales.

• Q3 2025 net income was $3.54 billion; nine-month net income was $9.42 billion.

Outlook and guidance

• Full-year 2025 revenue guidance maintained at $61–$64 billion, with non-COVID products outperforming 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 de-risked COVID trends.

• Effective tax rate on adjusted income projected at approximately 11% for 2025.

• Guidance incorporates impacts from tariffs, patent expiries, and recent business development.

• Guidance for 2026 to be provided by year-end.