Pfizer Inc. (NYSE: PFE) reported full-year and Q4 2025 financial results. The company showed resilient non-COVID growth. It reaffirmed full-year 2026 guidance.
Full-Year 2025 Performance
Revenues totaled $62.6 billion. This marked a 2% operational decline year-over-year. Excluding Paxlovid and Comirnaty, revenues grew 6% operationally. Reported diluted EPS was $1.36. Adjusted diluted EPS reached $3.22.
Q4 2025 Highlights
Q4 revenues hit $17.6 billion. This reflected a 3% operational decline. Excluding COVID products, revenues rose 9% operationally. Reported diluted loss per share was $(0.29). Adjusted diluted EPS stood at $0.66.
Key growth drivers included Abrysvo, up 136% operationally due to international uptake. Oncology biosimilars increased 76%. Eliquis grew 8% on global demand. Prevnar family rose 8%. Vyndaqel family gained 7%. Lorbrena surged 45%. Padcev climbed 15%. COVID declines offset gains. Comirnaty fell 35%. Paxlovid dropped 70%.
2026 Guidance Reaffirmed
Revenues guided at $59.5-62.5 billion. Adjusted diluted EPS targeted $2.80-3.00. COVID products expected at $5 billion. LOE impact projected at -$1.5 billion. SI&A expenses at $12.5-13.5 billion. R&D at $10.5-11.5 billion. Tax rate near 15%.
Guidance factors stable margins. It includes 20 pivotal study starts. Ten target obesity assets from Metsera. Four for PF-08634404 bispecific antibody. Pricing pressures noted from Most-Favored-Nation and TrumpRx. Tariffs also considered.
Capital Allocation Strategy
2025 investments totaled $10.4 billion in R&D. Business development hit $8.8 billion, mainly Metsera and 3SBio deals. Dividends paid $9.8 billion, or $1.72 per share. No 2025 repurchases. $3.3 billion authorization remains. Framework prioritizes dividends, reinvestment, and future buybacks. De-levering continues prudently.
Executive Perspectives
Chairman and CEO Albert Bourla praised 2025 execution. He highlighted 11 pivotal starts and 20 planned for 2026. Growth catalysts eyed for decade-end. CFO David Denton noted 6% non-COVID revenue growth. Financial discipline drove EPS strength. 2026 guidance reaffirmed.
Strategic Momentum
Q4 SI&A expenses fell 3% operationally. Productivity gains offset investments. R&D rose 5% on oncology and obesity focus. Acquired IPR&D up $124 million from YaoPharma deal. Other (income)/deductions worsened $2.2 billion. Intangible impairments totaled $4.4 billion. Non-COVID portfolio resilience offset COVID declines. Growth in vaccines, oncology, and cardiology sustained performance. Pipeline advances position Pfizer for catalysts. Strategic priorities emphasize key areas.