Pfizer (PFE) PFE quarter Financial Results Summary

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November 4, 2025•5 min read

Pfizer (PFE) PFE quarter Financial Results Summary

Pfizer Inc. (PFE) Q3 2025 Financial Results Summary

Pfizer Inc. (NYSE: PFE) reported its third-quarter financial results on November 4, 2025, reflecting a period of both challenges and strategic advancements.

Financial Highlights

Total Revenues:
Q3 2025: $16.7 billion
Q3 2024: $17.7 billion
Year-over-Year Change: -6% operational decline.
Operational Revenue Growth:
Non-COVID Portfolio: Increased by 4%, reflecting strengthened commercial execution.
Reported Diluted EPS:
Q3 2025: $0.62
Q3 2024: $0.78
Year-over-Year Change: -21%.
Adjusted Diluted EPS:
Q3 2025: $0.87
Q3 2024: $1.06
Year-over-Year Change: -18%.
Cost Savings Initiatives:
On track to deliver approximately $7.2 billion in net cost savings by the end of 2027.

Revenue Breakdown

Global Biopharmaceuticals Business Revenue:
Q3 2025: $16.3 billion
Q3 2024: $17.4 billion
Year-over-Year Change: -6% operational decline.
Significant Growth in Key Products:
Eliquis: Up 22% operationally.
Vyndaqel Family: Up 7% operationally.
Nurtec ODT/Vydura: Up 22% operationally.
Declines in COVID-19 Products:
Paxlovid: Down 55% due to lower COVID-19 infections and reduced international government purchases.
Comirnaty: Down 20% driven by narrower vaccination recommendations.

Financial Guidance

Full-Year 2025 Revenue Guidance: Affirmed in the range of $61.0 to $64.0 billion.
Adjusted Diluted EPS Guidance: Raised and narrowed to $3.00 to $3.15 from a previous estimate of $2.90 to $3.10.

Cost Management

Cost of Sales (Reported):
Q3 2025: $4.2 billion
Year-over-Year Change: -21%.
Selling, Informational & Administrative (SI&A) Expenses: Down 2% operationally.
Research and Development (R&D) Expenses: Reduced by 2% operationally.

Capital Allocation

Dividends Paid:
During the first nine months of 2025, Pfizer paid $7.3 billion in cash dividends, amounting to $1.29 per share.
Share Repurchase Activity:
No share repurchases were completed in 2025. Remaining share repurchase authorization is $3.3 billion, with no anticipated repurchases for the year.

Strategic Developments

Acquisition of Metsera:
Early clearance obtained from the FTC for the proposed acquisition, aimed at enhancing competitiveness in obesity treatments.
Agreement with U.S. Government:
A landmark agreement designed to provide greater pricing clarity and ensure comparable drug prices for Americans.

Conclusion

Despite a challenging environment with decreasing revenues from COVID-19-related products, Pfizer’s strategic actions and diversified portfolio continue to show growth in other areas. The reaffirmation of revenue guidance and succinct management of operating expenses highlights a focused approach toward sustained performance in the biopharmaceutical sector.

CONSOLIDATED STATEMENTS OF OPERATIONS (1)

	Third-Quarter 2025	2024	% Incr. / (Decr.)	Nine Months 2025	2024	% Incr. / (Decr.)
Revenues:
Product revenues(2)	$13,920	15,417	-10	$37,168	38,731	-4
Alliance revenues	2,298	1,900	21	6,684	6,140	9
Royalty revenues	436	384	13	1,170	992	18
Total revenues	16,654	17,702	-6	45,022	45,864	-2
Costs and expenses:
Cost of sales(2), (3)	4,172	5,263	-21	10,795	11,942	-10
Selling, informational and administrative	3,186	3,244	-2	9,632	10,456	-8
Research and development expenses(3)	2,546	2,598	-2	7,231	7,787	-7
Acquired in-process research and development	1,390	13	*	1,401	20	*
Amortization of intangible assets	1,223	1,312	-7	3,644	3,927	-7
Restructuring charges and certain acquisition	286	313	-9	945	1,669	-43
related costs(5)
Other (income)/deductions––net(6)	517	243	*	2,210	2,030	9
Income from continuing operations before	3,334	4,715	-29	9,162	8,033	14
provision/(benefit) for taxes on income
Provision/(benefit) for taxes on income(7)	-216	234	*	-264	393	*
Income from continuing operations	3,550	4,481	-21	9,427	7,640	23
Discontinued operations––net of tax	—	-8	-97	25	4	*
Net income before allocation to	3,550	4,473	-21	9,452	7,644	24
noncontrolling interests
Less: Net income attributable to	9	8	13	33	23	45
noncontrolling interests
Net income attributable to Pfizer Inc.	$3,541	4,465	-21	$9,419	7,621	24
Earnings per common share––basic:
Income from continuing operations	$0.62	0.79	-21	$1.66	1.35	23
attributable to Pfizer Inc. common
shareholders
Discontinued operations––net of tax	—	—	—	—	—	—
Net income attributable to Pfizer Inc.	$0.62	0.79	-21	$1.66	1.35	23
common shareholders
Earnings per common share––diluted:
Income from continuing operations	$0.62	0.79	-21	$1.65	1.34	23
attributable to Pfizer Inc. common
shareholders
Discontinued operations––net of tax	—	—	—	—	—	—
Net income attributable to Pfizer Inc.	$0.62	0.78	-21	$1.65	1.34	23
common shareholders
**Weighted-average shares used to calculate
earnings per common share:**
Basic	5,685	5,667		5,682	5,663
Diluted	5,714	5,705		5,710	5,699

Indicates calculation not meaningful or results are greater than 100%.

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 28, 2025	December 31, 2024	% Incr. / (Decr.)
ASSETS
Current Assets:
Cash and cash equivalents	$8,498	$10,742	-21
Accounts receivable, net	20,902	23,406	-11
Inventories	5,548	5,828	-5
Other current assets	3,145	3,065	3
Total Current Assets	38,093	42,041	-9
Property, plant and equipment, net	9,104	9,372	-3
Operating lease right-of-use assets	1,048	1,287	-18
Goodwill	3,678	3,654	1
Intangible assets, net	11,431	11,825	-3
Other non-current assets	2,824	2,728	4
Total Assets	$66,178	$70,907	-7
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	5,253	5,701	-8
Accounts payable	9,921	10,693	-7
Accrued liabilities	8,329	9,267	-10
Other current liabilities	5,049	5,226	-3
Total Current Liabilities	28,552	30,887	-8
Long-term debt, net	19,450	20,219	-4
Other non-current liabilities	2,525	2,802	-10
Total Liabilities	50,527	53,908	-6
Equity
Common stock and additional paid-in	6,455	6,305	2
capital

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