Pfizer (PFE) Q4 2025 Financial Results Summary
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Pfizer Inc. (PFE) Q4 2025 Financial Results Summary
Release Date: February 3, 2026
Pfizer Inc. has reported its financial results for the fourth quarter and full-year 2025, along with reaffirmation of its full-year guidance for 2026. Below is a summary of the key figures and developments highlighted in the report.
Executive Commentary
- Dr. Albert Bourla, Chairman and CEO: Stated that Pfizer achieved solid financial performance in 2025, strengthened the foundation for future growth, and highlighted 2026 as a year with key catalysts, including around twenty pivotal study starts.
- David Denton, CFO: Expressed satisfaction with the company’s performance, especially noting a 6% operational revenue growth for the non-COVID portfolio.
Overall Results
- Full-Year 2025 Revenues: $62.6 billion, a 2% year-over-year operational decline.
- Excluding contributions from Paxlovid and Comirnaty, revenues grew 6% operationally.
- Reported Diluted EPS: $1.36; Adjusted Diluted EPS: $3.22.
- Fourth-Quarter 2025 Revenues: $17.6 billion, representing a 3% year-over-year operational decline.
- Excluding contributions from Paxlovid and Comirnaty, revenues increased 9% operationally.
- Fourth-Quarter Reported Loss Per Share (LPS): $(0.29); Adjusted Diluted EPS: $0.66.
Revenue Breakdown
- Fourth-Quarter 2025:
- Biopharmaceuticals business revenues: $17.1 billion (a 2% decrease year-over-year).
- Pfizer CentreOne revenues: $409 million (26% increase).
- Pfizer Ignite revenues: $4 million (83% decrease).
- Total Revenues: $17,557 million, down 1% compared to $17,763 million in Q4 2024.
Quarterly Highlights
- Operational Revenue Variants:
- Abrysvo: 136% growth operationally.
- Oncology biosimilars: 76% growth operationally.
- Eliquis: 8% operational growth.
- Prevnar family: 8% operational growth.
- Vyndaqel family: 7% operational growth.
- Lorbrena: 45% growth operationally.
- Significant revenue declines:
- Comirnaty: 35% operational decline.
- Paxlovid: 70% operational decline.
Financial Guidance for 2026
- Revenues: Projected range of $59.5 to $62.5 billion.
- Adjusted Diluted EPS: Expected between $2.80 to $3.00.
- Revenue expectations include approximately $5 billion from COVID-19 products and an anticipated $1.5 billion negative revenue impact from loss of exclusivity on certain products.
Capital Allocation
- Pfizer invested $10.4 billion in internal research and development.
- Approximately $8.8 billion was allocated towards business development transactions.
- Cash Dividends: $9.8 billion, equating to $1.72 per share.
- Share Repurchase: No share repurchases were completed in 2025. Remaining authorization for share repurchase stands at $3.3 billion.
Significant Metrics
- Cost of Sales (Q4 2025) decreased by 11% year-over-year.
- Selling, Informational, and Administrative Expenses decreased by 3%.
- R&D Expenses increased by 6%.
- Effective Tax Rate: 0.1% in Q4 2025, compared to significant fluctuations previously.
Summary of Quarterly Figures (in millions)
| Metric | Q4 2025 | Q4 2024 | % Change |
|---|---|---|---|
| Revenues | $17,557 | $17,763 | -1% |
| Reported Net Income/(Loss) | -$1,648 | $410 | Not meaningful |
| Reported Diluted EPS/(LPS) | -$0.29 | $0.07 | Not meaningful |
| Adjusted Income | $3,786 | $3,592 | 5% |
| Adjusted Diluted EPS | $0.66 | $0.63 | 5% |
Conclusion
Pfizer’s earnings report for Q4 2025 indicates a mixed performance with declines in revenues largely tied to COVID-19 products while presenting growth in other areas. The reaffirmation of guidance for 2026 highlights continued focus on key therapeutic areas and strategic growth opportunities. Investors can expect to see an emphasis on managing costs and enhancing overall financial stability as Pfizer moves forward.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in millions)
| Fourth-Quarter 2025 | Fourth-Quarter 2024 | % Incr. / (Decr.) | Full-Year 2025 | Full-Year 2024 | % Incr. / (Decr.) | |
|---|---|---|---|---|---|---|
| Product revenues(2) | $14,496 | $15,084 | -4 | $51,663 | $53,816 | -4 |
| Alliance revenues | 2,582 | 2,248 | 15 | 9,266 | 8,388 | 10 |
| Royalty revenues | 480 | 431 | 11 | 1,650 | 1,423 | 16 |
| Total revenues | 17,557 | 17,763 | -1 | 62,579 | 63,627 | -2 |
| Costs and expenses: | ||||||
| Cost of sales(2), (3) | 5,272 | 5,909 | -11 | 16,067 | 17,851 | -10 |
| Selling, informational and | 4,162 | 4,274 | -3 | 13,794 | 14,730 | -6 |
| administrative expenses(3) | ||||||
| Research and development expenses(3) | 3,206 | 3,035 | 6 | 10,437 | 10,822 | -4 |
| Acquired in-process research and | 212 | 88 | * | 1,613 | 108 | * |
| development expenses(4) | ||||||
| Amortization of intangible assets | 1,229 | 1,359 | -10 | 4,874 | 5,286 | -8 |
| Restructuring charges and certain | 604 | 750 | -19 | 1,550 | 2,419 | -36 |
| acquisition-related costs(5) | ||||||
| Other (income)/deductions––net(6) | 4,514 | 2,358 | 91 | 6,724 | 4,388 | 53 |
| Income/(loss) from continuing operations | -1,642 | -10 | * | 7,520 | 8,023 | -6 |
| before provision/(benefit) for taxes | ||||||
| on income/(loss) | ||||||
| Provision/(benefit) for taxes on | -2 | -421 | -99 | -266 | -28 | * |
| income/(loss)(7) | ||||||
| Income/(loss) from continuing operations | -1,640 | 411 | * | 7,787 | 8,051 | -3 |
| Discontinued operations––net of tax | — | 7 | -98 | 25 | 11 | * |
| Net income/(loss) before allocation to | -1,640 | 418 | * | 7,812 | 8,062 | -3 |
| noncontrolling interests | ||||||
| Less: Net income attributable to | 8 | 8 | -1 | 41 | 31 | 33 |
| noncontrolling interests | ||||||
| Net income/(loss) attributable to | -$1,648 | $410 | * | $7,771 | $8,031 | -3 |
| Pfizer Inc. common shareholders | ||||||
| Earnings/(loss) per common share––basic: | ||||||
| Income/(loss) from continuing | -$0.29 | $0.07 | * | $1.37 | $1.42 | -4 |
| operations attributable to Pfizer Inc. common shareholders | ||||||
| Discontinued operations––net of tax | — | — | — | — | — | — |
| Net income/(loss) attributable to | -$0.29 | $0.07 | * | $1.37 | $1.42 | -4 |
| Pfizer Inc. common shareholders | ||||||
| Earnings/(loss) per common | ||||||
| share––diluted: | ||||||
| Income/(loss) from continuing | -$0.29 | $0.07 | * | $1.36 | $1.41 | -4 |
| operations attributable to Pfizer Inc. common shareholders | ||||||
| Discontinued operations––net of tax | — | — | — | — | — | — |
| Net income/(loss) attributable to | -$0.29 | $0.07 | * | $1.36 | $1.41 | -3 |
| Pfizer Inc. common shareholders | ||||||
| Weighted-average shares used to | ||||||
| calculate earnings/(loss) per common share: | ||||||
| Basic | 5,686 | 5,667 | 5,683 | 5,664 | ||
| Diluted(8) | 5,686 | 5,703 | 5,713 | 5,700 |
- Indicates calculation not meaningful or results are greater than 100%.
CONSOLIDATED BALANCE SHEETS
(Amounts in millions)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $33,752 | $33,205 |
| Short-term investments | 1,444 | 1,634 |
| Receivables | 24,799 | 27,019 |
| Inventories | 2,801 | 3,480 |
| Other current assets | 3,529 | 3,241 |
| Total current assets | 66,325 | 68,579 |
| Property, plant and equipment | 21,076 | 22,044 |
| Goodwill | 64,009 | 64,007 |
| Intangible assets | 29,204 | 27,046 |
| Other assets | 2,091 | 2,387 |
| Total assets | $182,705 | $184,063 |
| LIABILITIES AND EQUITY | ||
| Short-term debt | 8,132 | 8,046 |
| Accounts payable | 11,036 | 10,268 |
| Accrued liabilities | 12,257 | 13,274 |
| Other current liabilities | 2,059 | 2,013 |
| Total current liabilities | 33,484 | 33,601 |
| Long-term debt | 45,255 | 43,044 |
| Other long-term liabilities | 14,989 | 14,532 |
| Total liabilities | 93,728 | 91,177 |
| Equity |