Pfizer reported solid financial performance for full-year 2025, driven by focused execution and disciplined financial management, leading to strong EPS results. The company enters 2026 with a clear strategic focus, an advancing late-stage pipeline, and reaffirmed financial guidance, positioning it for future growth.
Full-year 2025 revenues of $62.6 billion, with non-COVID portfolio growing 6% operationally.
positiveFull-year 2025 Adjusted Diluted EPS of $3.22, a 4% increase year-over-year.
positiveFourth-quarter 2025 revenues grew 9% operationally, excluding contributions from Paxlovid and Comirnaty.
positiveReaffirmed full-year 2026 financial guidance, including revenues of $59.5 to $62.5 billion and Adjusted Diluted EPS of $2.80 to $3.00.
positiveAdvanced 11 key pivotal study starts in 2025 and plans approximately 20 key pivotal study starts for 2026.
positiveFull-year 2025 revenues of $62.6 billion, a 2% year-over-year operational decline.
negativeFourth-quarter 2025 revenues of $17.6 billion, a 3% year-over-year operational decline.
negativeReported fourth-quarter 2025 Diluted Loss Per Share (LPS) of $(0.29).
negativeFull-year 2026 revenue guidance reflects an anticipated negative revenue impact of approximately $1.5 billion due to loss of exclusivity (LOE) for certain products.
attentionSignificant intangible asset impairment charges of $4.4 billion in Q4 2025, primarily for in-process R&D assets.
attentionRestructuring charges and certain acquisition-related costs were $1.55 billion for full-year 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Global Biopharmaceuticals Business (Biopharma) | N/A | — | — | — | -2.0% |
Pfizer CentreOne (PC1) | N/A | — | — | — | +15.0% |
Pfizer Ignite | N/A | — | — | — | -50.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
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.
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.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.