PFIZER INC (PFE) Earnings History

PFIZER INC - Q4 FY2025 EarningsMissed

Filed at: Feb 3, 2026, 7:01 AM EST|Read from source

EXECUTIVE SUMMARY

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.

POSITIVE HIGHLIGHTS

  • •

    Full-year 2025 revenues of $62.6 billion, with non-COVID portfolio growing 6% operationally.

    positive
  • •

    Full-year 2025 Adjusted Diluted EPS of $3.22, a 4% increase year-over-year.

    positive
  • •

    Fourth-quarter 2025 revenues grew 9% operationally, excluding contributions from Paxlovid and Comirnaty.

    positive
  • •

    Reaffirmed full-year 2026 financial guidance, including revenues of $59.5 to $62.5 billion and Adjusted Diluted EPS of $2.80 to $3.00.

    positive
  • •

    Advanced 11 key pivotal study starts in 2025 and plans approximately 20 key pivotal study starts for 2026.

    positive

CONCERNS & RISKS

  • •

    Full-year 2025 revenues of $62.6 billion, a 2% year-over-year operational decline.

    negative
  • •

    Fourth-quarter 2025 revenues of $17.6 billion, a 3% year-over-year operational decline.

    negative
  • •

    Reported fourth-quarter 2025 Diluted Loss Per Share (LPS) of $(0.29).

    negative
  • •

    Full-year 2026 revenue guidance reflects an anticipated negative revenue impact of approximately $1.5 billion due to loss of exclusivity (LOE) for certain products.

    attention
  • •

    Significant intangible asset impairment charges of $4.4 billion in Q4 2025, primarily for in-process R&D assets.

    attention
  • •

    Restructuring charges and certain acquisition-related costs were $1.55 billion for full-year 2025.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$17.56B
-1.2%
Prior year: $17.76B
Annual (YTD)
$62.58B
N/A
Prior year: $63.63B
Net Income
Quarterly
$-1.64B
N/A
EPS (Diluted)
Quarterly
$-0.29
-514.3%
Prior year: $0.07
Operating Income
Quarterly
N/A
N/A
EPS (Basic)
Quarterly
N/A
N/A

MARGIN ANALYSIS

Gross Margin
Current Quarter
70.0%
Prior Year
66.7%
YoY Change
+330 bps
Net Margin
Current Quarter
-9.4%
Prior Year
2.3%
YoY Change
-1170 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q4 FY2025 2025

VISUAL OVERVIEW

|
Global Biopharmaceuticals Business (Biopharma)
0.0%
N/A
CC: -2.0%
Pfizer CentreOne (PC1)
0.0%
N/A
CC: +15.0%
Pfizer Ignite
0.0%
N/A
CC: -50.0%

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% TotalCC
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.

MANAGEMENT GUIDANCE

FY2026

revenue
$59500000.0B—$62500000.0B
Mid-point: $61000000.0B
"Reaffirmed"
Adjusted Diluted EPS
$2.80—$3.00
Mid-point: $2.90
"Reaffirmed"

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q4 2025
Acquired in-process research and development expenses related to an in-licensing agreement with YaoPharma Co.
Included in 'Acquired IPR&D Expenses'
+$150M
FY2025
Acquired in-process research and development expenses related to an in-licensing agreement with 3SBio, Inc.
Included in 'Acquired IPR&D Expenses'
+$1,350M
Q4 2025
Intangible asset impairment charges due to changes in development plans and updated long-range commercial forecasts.
Included in 'Certain asset impairments'
+$4,363M
FY2025
Intangible asset impairment charges due to changes in development plans and updated long-range commercial forecasts.
Included in 'Certain asset impairments'
+$4,940M
Q4 2025
Restructuring charges and certain acquisition-related costs.
Includes employee termination costs, asset impairments, exit costs, transaction costs, and integration costs.
+$604M
FY2025
Restructuring charges and certain acquisition-related costs.
Includes employee termination costs, asset impairments, exit costs, transaction costs, and integration costs.
+$1,550M
Total Impact
+$12,957M

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

With excellent execution in 2025, we delivered a solid financial performance and strengthened Pfizer’s foundation for future growth.

— PFIZER INC, Q4 FY2025 2025 Earnings Call

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.

— PFIZER INC, Q4 FY2025 2025 Earnings Call

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.

— PFIZER INC, Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Abrysvo
481.0M
+142.9% YoY
Prior year: 198.0M
revenue
Eliquis
2020.0M
+10.3% YoY
Prior year: 1832.0M
revenue
Lorbrena
282.0M
+46.9% YoY
Prior year: 192.0M
revenue
Oncology biosimilars
369.0M
+76.6% YoY
Prior year: 209.0M
revenue
Padcev
508.0M
+14.4% YoY
Prior year: 444.0M
revenue
Prevnar family
1708.0M
+9.6% YoY
Prior year: 1558.0M
revenue
Vyndaqel family
1688.0M
+9.3% YoY
Prior year: 1545.0M
revenue

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.

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