Pfizer (PFE) Q4 2025 earnings summary

Executive summary

• Exceeded 2025 financial commitments, with revenues of $62.6B and adjusted diluted EPS of $3.22, driven by strong non-COVID product growth and double-digit gains from recent launches and acquisitions.

• Operational revenue excluding COVID-19 products grew 6%, with robust performance in oncology, obesity, and migraine portfolios.

• Strategic actions resolved pricing/tariff uncertainties and demonstrated resilience despite the lowest-ever COVID-19 season.

• Pipeline strengthened by four key approvals, eight critical data readouts, and 11 pivotal studies initiated, supported by major acquisitions and collaborations.

• Integration of Seagen, Biohaven, and Metsera assets progressed well, enhancing migraine and oncology portfolios.

Financial highlights

• 2025 revenues: $62.6B, down 2% operationally; excluding COVID-19 products, operational revenue grew 6%.

• Adjusted gross margin for 2025: 76%; Q4 adjusted gross margin: 71%.

• Full-year 2025 adjusted diluted EPS: $3.22; Q4 adjusted diluted EPS: $0.66.

• Recently launched/acquired products delivered $10.2B in 2025 revenue, up 14% operationally.

• Adjusted SI&A expenses decreased 5–7% year-over-year; adjusted R&D expenses increased 4% or decreased 5% depending on reporting.

Outlook and guidance

• 2026 revenue guidance: $59.5B–$62.5B; adjusted diluted EPS: $2.80–$3.00.

• COVID-19 product revenues projected to decline to ~$5B; $1.5B revenue compression from generic entry expected.

• No share repurchases anticipated in 2026; focus on investing in key assets and managing LOEs.

• Excluding COVID and LOE products, 2026 revenues expected to grow ~4% operationally.

• Post-2028 growth expected from pipeline advancement, business development, and new launches.