Pfizer's revenue in the fourth quarter of 2025 was $17.56 billion, with non-COVID business growing by 9%. The full-year 2026 revenue guidance is $59.5-62.5 billion. | Earnings Report News

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On February 3, Pfizer’s 2025 full-year financial report showed the company demonstrating strong operational resilience during its strategic transformation phase.

According to the financial report, total full-year revenue was $62.6 billion; excluding COVID-related products, its core business portfolio achieved 6% operating growth. Adjusted earnings per share reached $3.22, up 4% year-on-year, reflecting the company’s continuously improving profitability. Notably, while maintaining its 2026 performance guidance, Pfizer also disclosed an ambitious product pipeline promotion plan, expecting to initiate around 20 key clinical trials in 2026, providing a foundation for long-term growth.

Looking at the fourth quarter results, revenue for the quarter was $17.6 billion; excluding COVID products, quarterly revenue increased 9% year-on-year, with the growth rate accelerating from the full-year level. Adjusted earnings per share were $0.66, up 5% year-on-year, demonstrating continuous optimization of the company's cost control and operational efficiency. This characteristic of “overall stability and structural strengthening” confirms that Pfizer is at a critical stage of shifting from pandemic-related revenue to innovation-driven growth.

CEO Albert Bourla stated that effective execution in 2025 has laid a solid foundation for Pfizer’s future growth, and 2026 will be an important year for the company with multiple key catalysts. CFO David Denton also emphasized that by focusing on business execution and maintaining financial discipline, the company achieved strong per-share earnings performance. Management's confidence mainly stems from further clarification of its strategic direction and ongoing enrichment and strengthening of its late-stage R&D pipeline.

Strong Growth in Non-COVID Business, Continuous Optimization of Product Portfolio

In its 2025 full-year performance, Pfizer’s non-COVID product portfolio showed robust structural growth. Against a backdrop of substantially declining COVID-related revenue, the company succeeded in smoothly shifting its business focus to innovative therapies by continuously optimizing its product portfolio and enhancing market share.

Cardiovascular and vaccines led the growth. Anticoagulant drug Eliquis achieved full-year revenue of $8 billion, an 8% year-on-year increase, solidifying its position as the company’s second-largest product. Its growth mainly benefitted from an improved reimbursement environment in the US and steadily rising global demand. The Prevnar series of vaccines reached full-year revenue of $6.5 billion, up 1% year-on-year, with adult indications performing especially well in international markets.

The Vyndaqel family of cardiac medications was a highlight for the year, with revenue up 17% year-on-year to $6.4 billion, mainly driven by increased diagnosis rates and improved reimbursement conditions in the US. Despite some pricing pressures in the fourth quarter, the product still achieved revenues of $1.7 billion for the quarter, up 9% year-on-year, maintaining strong growth momentum.

Innovative products showed rapid scaling. The RSV vaccine Abrysvo surpassed $1 billion in revenue in its second year on the market, up 37% year-on-year. The product quickly penetrated the adult and pregnant populations in international markets. Although growth in the US was affected by changes in public health recommendations, overall it maintained a rapid growth trend, with fourth-quarter revenue up 136% year-on-year to $481 million.

Migraine therapy drugs Nurtec ODT/Vydura saw full-year revenue increase 13% to $1.4 billion, further consolidating their position in their niche therapeutic area.

Steady Growth in Oncology Business, Sustained Pipeline Value Release

In 2025, Pfizer’s oncology business achieved full-year revenue of $16.8 billion, up 8% year-on-year, with operating growth also at 8%, making it the most stable performer among the company’s three main business segments.

Core products maintained market position. Despite generic competition, breast cancer drug Ibrance still contributed $4.1 billion in revenue—a 6% decrease year-on-year but still a pillar of the oncology product line. Prostate cancer drug Xtandi revenue grew 8% year-on-year to $2.2 billion, mainly benefitting from increased demand in the US market.

New-generation therapies showed strong growth momentum. Antibody-drug conjugate Padcev (for bladder cancer) generated $1.9 billion in full-year revenue, up 22% year-on-year, highlighting the commercial potential of the ADC technology platform. Lung cancer drug Lorbrena revenue exceeded $1 billion, rising a substantial 40% year-on-year, with a steadily growing market share in first-line treatment of ALK-positive NSCLC.

Biosimilar business contributed stable growth. Oncology biosimilars earned $1.3 billion for the year, a 25% increase, with fourth-quarter growth reaching 76%, mainly due to favorable pricing in the US. This segment provided important cash flow support and business stability for Pfizer’s oncology sector.

COVID Product Revenue Met Expectations, Sharply Lower Contribution

As expected by the market, Pfizer’s COVID-related product revenue continued its sharp decline in 2025. COVID vaccine Comirnaty generated $4.4 billion in annual revenue, down 18% year-on-year; oral treatment Paxlovid revenue was $2.4 billion, down 59% year-on-year. Combined, both contributed about $6.7 billion, down sharply from $11.1 billion in 2024.

The fourth quarter was even more pronounced: Comirnaty earned $2.3 billion that quarter, down 35% year-on-year; Paxlovid revenue was only $218 million, plunging 70% year-on-year. The performance decline was mainly due to lower global COVID-19 rates, changes in US vaccine recommendations, and reduced international government procurement.

It’s worth noting that Pfizer projects about $5 billion in COVID-related product revenue in its 2026 outlook. This suggests the business has basically transitioned from the pandemic phase to an endemic phase and will continue to be a relatively stable source of seasonal income.

Operational Efficiency Continues to Improve, Profit Margins Remain Solid

Pfizer demonstrated outstanding cost control in 2025. The full-year adjusted cost of sales ratio dropped to 24.2%, down 1.6 percentage points from 25.8% in 2024, mainly due to high-value portfolio optimization and manufacturing efficiency improvements.

Expense structure continues to be optimized. Adjusted selling, information, and administrative expenses for the year were $13.6 billion, down 7% year-on-year, with a further reduced share of total revenue. By focusing on core product promotion and strengthening digital capabilities, the company achieved precise and efficient allocation of marketing resources.

Adjusted R&D expenses were $10.2 billion, a 5% decrease year-on-year, but this does not mean a withdrawal of R&D investment. Through pipeline optimization and digital tool adoption, the company significantly improved capital efficiency while maintaining R&D intensity. In 2025, Pfizer initiated 11 key clinical trials and plans to initiate about 20 in 2026, indicating that R&D output efficiency is continuously increasing.

Full-year adjusted effective tax rate was 12.7%, further down from 14.5% in 2024, mainly due to optimized regional tax structures and effective tax planning, creating extra value for shareholders.

On capital allocation, Pfizer distributed $9.8 billion in dividends in 2025, with a per-share dividend of $1.72, continuing its commitment to shareholder returns. At the same time, $10.4 billion was invested in internal R&D and about $8.8 billion in business development and related transactions, reflecting the company’s strategic investment in future growth areas.

Major Acquisitions & Pipeline Progress: Moving into Obesity Track

Through strategic acquisitions and external collaborations, Pfizer is accelerating its entry into the obesity and metabolic disease treatment market. In November 2025, the company completed its $7 billion acquisition of Metsera, including a contingent value right of up to $20.65 per share. This deal allows Pfizer to acquire a next-generation obesity and cardiometabolic disease pipeline, marking its formal entry into this high-growth therapeutic field.

Obesity pipeline advancing rapidly. In February 2026, Pfizer announced positive phase 2b clinical results for its ultra-long-acting GLP-1 receptor agonist PF-3944 (MET-097i). The study met its primary endpoint, achieving statistically significant weight reduction over the 28-week treatment, with good tolerability. Notably, the downward weight trend continued after switching from weekly to monthly dosing, without a plateau effect.

Additionally, Pfizer reached an exclusive global partnership with YaoPharma for development and commercialization rights to the small-molecule GLP-1 receptor agonist YP05002, currently in phase 1 trials for chronic weight management. The deal includes a $150 million upfront payment and milestone payments up to $1.935 billion.

These moves highlight Pfizer’s strategic investment in obesity treatment. Of the approximately 20 key clinical trials planned for 2026, 10 will focus on ultra-long-acting obesity assets from the Metsera acquisition, and 4 will target the PD-1×VEGF bispecific antibody PF-08634404, indicating clear R&D resource allocation and disease area focus.

Oncology Pipeline Delivers Successes, Multiple Products Gain Regulatory Breakthroughs

Pfizer’s oncology pipeline has achieved crucial clinical progress in multiple indications, further strengthening the market competitiveness and therapeutic potential of its product portfolio.

Padcev continues expansion in bladder cancer. In November 2025, the US FDA approved the antibody-drug conjugate Padcev in combination with pembrolizumab for the perioperative treatment of muscle-invasive bladder cancer patients ineligible for cisplatin-based chemo, based on positive phase 3 EV-303 data.

In December 2025, the company further released interim results from the EV-304 study (also known as KEYNOTE-B15), evaluating Padcev + pembrolizumab versus standard neoadjuvant chemotherapy in similar patients eligible for cisplatin-based chemo. The results met dual primary endpoints of event-free and overall survival, laying the groundwork for expanding indications.

Tukysa maintenance therapy shows significant clinical value. According to HER2CLIMB-05 phase 3 data, Tukysa combined with trastuzumab and pertuzumab as first-line maintenance for HER2-positive metastatic breast cancer significantly reduced disease progression or death risk by 35.9% versus placebo plus standard therapy, strongly supporting its position in this treatment area.

Braftovi stands out in colorectal cancer therapy. January 2026 results from the BREAKWATER study Cohort 3 showed Braftovi + cetuximab + FOLFIRI produced a 64.4% objective response rate in BRAF V600E-mutant metastatic colorectal cancer, far surpassing the 39.2% in the control arm, demonstrating excellent clinical activity.

Full-year revenue expected between $59.5 billion and $62.5 billion

The company reconfirmed its 2026 financial guidance: full-year revenue is expected in the $59.5–62.5 billion range, with adjusted earnings per share between $2.80 and $3.00.

2026 revenue guidance includes about $5 billion from COVID-related products and factors in approximately $1.5 billion of negative impact from patent expirations. The company anticipates full-year adjusted selling and administrative expenses of $12.5–13.5 billion, R&D expenses of $10.5–11.5 billion, and an adjusted effective tax rate of around 15%.

This guidance has already accounted for current pricing policies (including the “most favored nation” and TrumpRx drug pricing mechanisms) and the potential impact of currently implemented tariffs, but does not include possible new tariffs in the future. These prudent assumptions provide buffer room for the achievement of performance targets.

The company clearly stated that it does not plan to repurchase shares in 2026, and will continue to focus on debt reduction and maintaining capital structure balance as its core financial strategy. This decision reflects management’s emphasis on financial stability while preserving flexibility for future business development and strategic investment.

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