Pfizer Reports Q4: Bourla Highlights Operational Resilience and Strategic Growth Priorities

Pfizer Inc. announced its fourth quarter and full-year 2025 financial results and reaffirmed its full-year 2026 guidance, reporting solid earnings performance amid an evolving product mix and continued transition from COVID-19 related revenues. Dr. Albert Bourla, Chairman and Chief Executive Officer, underscored the company’s operational execution and strategic investments as key drivers of performance and future growth.

“With excellent execution in 2025, we delivered a solid financial performance and strengthened Pfizer’s foundation for future growth,” Bourla said. “Looking ahead, 2026 will be an important year rich in key catalysts, including our expectation for approximately 20 pivotal study starts, and continued strategic investment to maximize our opportunities for industry-leading growth at the end of the decade.”

Revenue and Profit Performance

Pfizer reported quarterly revenues of $17.56 billion for Q4 2025, representing a slight decline of 1 % compared with $17.76 billion in the prior year period, or a 3 % operational decrease after adjusting for foreign exchange effects. The company noted that this decline was driven primarily by lower COVID-19 related revenues, partially offset by growth in core therapeutic areas such as vaccines (Abrysvo), oncology biosimilars, and established brands including Eliquis and the Prevnar family.

For the full year 2025, total reported revenues were $62.6 billion, down 2 % versus $63.6 billion in 2024 on both a reported and operational basis. Excluding contributions from Pfizer’s COVID-19 products — namely Comirnaty (vaccine) and Paxlovid (antiviral) — revenues grew 6 % operationally, reflecting resilient demand across Pfizer’s broader portfolio.

Earnings and Margins

The company posted a reported diluted loss per share of $0.29 for Q4 2025, compared with diluted earnings per share of $0.07 in Q4 2024. On a non-GAAP adjusted basis, diluted earnings were $0.66 per share, up 5 % from $0.63 in the year-ago quarter and above consensus expectations, demonstrating underlying profitability despite transitional headwinds in certain product lines.

For the full year, reported diluted EPS was $1.36 versus $1.41 in 2024, reflecting the overall revenue decline. Adjusted diluted earnings per share increased to $3.22, up 4 % from $3.11 in the prior year, benefiting from disciplined cost management and improved operational leverage.

Pfizer’s gross and operating margins showed resilience, with adjusted gross margin remaining robust as the company optimized its cost structure. Management highlighted continued focus on productivity programs to sustain profitability as the company shifts toward newer product growth drivers.

Product Portfolio Contributions

Core product categories helped offset declines in pandemic-related revenue streams. Abrysvo, Pfizer’s RSV vaccine, delivered strong growth with double-digit increases in the quarter, while oncology biosimilars grew approximately 76 % operationally, benefitting from favorable pricing environments and expanding market penetration. Established products such as Eliquis and the Prevnar family also contributed positive operational growth.

However, COVID-19 franchise revenues continued their downward trend: Comirnaty sales declined significantly year-over-year, and Paxlovid revenues, previously a meaningful contributor, remained substantially lower compared with the peak pandemic period. Pfizer attributed these declines to reduced infection levels globally and changes in vaccination and treatment dynamics.

Cash Flow & Capital Allocation

Pfizer continued its commitment to shareholder returns and strategic reinvestment during 2025. The company returned approximately $9.8 billion in dividends to shareholders and maintained disciplined capital allocation with investments in internal R&D and business development. Pfizer deployed roughly $10.4 billion into research programs and approximately $8.8 billion into business expansion and related transactions, reflecting ongoing commitment to long-term growth opportunities.

2026 Outlook and Strategic Priorities

Pfizer reaffirmed its full-year 2026 guidance, projecting total revenues in a range of $59.5 billion to $62.5 billion and adjusted diluted EPS of $2.80 to $3.00. Management noted that the revenue outlook incorporates expectations for reduced contributions from COVID-19 products (approximately $5 billion) and an estimated negative impact of about $1.5 billion from loss of exclusivity (LOE) for certain legacy products. Adjusted R&D and selling, general & administrative (SG&A) expenses are planned within targeted ranges to support continued pipeline development and commercial execution.

Pfizer’s guidance assumes that operational growth in non-COVID products will help offset near-term declines, and management emphasized plans to advance approximately 20 pivotal clinical studies in 2026 across obesity, oncology, and immunology therapeutic areas, positioning the company for longer-term revenue expansion.

Market Reaction and Industry Context

Pfizer’s earnings report generated a mixed investor response. While the company beat adjusted EPS expectations and demonstrated resilient performance in underlying therapeutic categories, ongoing declines in pandemic-related products and near-term guidance pressures weighed on sentiment, contributing to modest stock volatility in trading following the release. Other market observers highlighted the competitive landscape in key therapeutic areas and the impact of pricing reforms and patent expirations on future performance.

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