Pfizer's revenue for the fourth quarter of 2025 was $17.56 billion, with a 9% growth in non-COVID business, and the full-year revenue guidance for 2026 is $59.5-62.5 billion | Financial Report Insights

On February 3rd, Pfizer's full-year financial report for 2025 showed that the company demonstrated robust operational resilience during its strategic transformation phase.

The financial report indicated that total revenue for the year was $62.6 billion, and after excluding COVID-related products, its core business portfolio achieved a 6% operating growth. Adjusted earnings per share reached $3.22, a year-on-year increase of 4%, reflecting the company's ongoing enhancement of profitability. Notably, while maintaining its performance guidance for 2026, Pfizer disclosed a positive product pipeline advancement plan, expecting to initiate approximately 20 key clinical trials in 2026, laying the foundation for its long-term growth.

From the fourth-quarter performance perspective, the quarter achieved revenue of $17.6 billion, and excluding the impact of COVID products, quarterly revenue increased by 9% year-on-year, with growth accelerating compared to the annual level. Adjusted earnings per share were $0.66, a year-on-year increase of 5%, demonstrating the company's continuous optimization in cost control and operational efficiency. This "overall stability, structural strengthening" characteristic precisely confirms that Pfizer is in a critical phase of transitioning from pandemic-related revenue to innovation-driven growth. CEO Albert Bourla stated that effective execution in 2025 lays a solid foundation for Pfizer's future growth, and 2026 will be an important year for the company to welcome multiple key catalysts. CFO David Denton also emphasized that by focusing on business execution and adhering to financial discipline, the company achieved strong earnings per share performance. Management's confidence mainly stems from further clarity in strategic direction and the continuous enrichment and strengthening of the later-stage R&D pipeline.

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

In the full-year performance for 2025, Pfizer's non-COVID product portfolio exhibited strong structural growth. Against the backdrop of a significant decline in COVID-related revenue, the company successfully achieved a smooth transition of its business focus towards innovative therapies through continuous optimization of its product portfolio and market share enhancement.

Cardiovascular and vaccine segments lead growth. The anticoagulant drug Eliquis achieved annual revenue of $8 billion, a year-on-year increase of 8%, solidifying its position as the company's second-largest product, with growth primarily benefiting from improvements in the U.S. market's healthcare payment environment and steady global demand. The Prevnar series of vaccines achieved annual revenue of $6.5 billion, a year-on-year increase of 1%, with particularly outstanding performance in adult indications in international markets.

The heart disease treatment drug Vyndaqel family became a highlight of the annual performance, with revenue growing by 17% year-on-year to $6.4 billion, mainly driven by increased patient diagnosis rates and improved payment conditions in the U.S. Despite facing some healthcare pricing pressure in the fourth quarter, the product still achieved revenue of $1.7 billion, a year-on-year increase of 9%, maintaining strong growth momentum.

Innovative products are showing rapid growth. The respiratory syncytial virus (RSV) vaccine Abrysvo surpassed $1 billion in revenue in its second year on the market, a year-on-year increase of 37% The product has rapidly penetrated the adult and pregnant women markets in the international arena. Although the U.S. market has been affected by adjustments recommended by public health agencies, it still maintains a high growth trend overall, with fourth-quarter revenue increasing significantly by 136% year-on-year to $481 million.

The migraine treatment drug Nurtec ODT/Vydura saw annual revenue growth of 13% to $1.4 billion, further consolidating its market position in the niche treatment area.

Oncology Business Steady Growth, Pipeline Value Continues to Be Released

Pfizer's oncology business achieved annual revenue of $16.8 billion in 2025, an 8% year-on-year increase, with operating growth also reaching 8%, making it the most stable component among the company's three major business segments.

Core Products Maintain Market Position. Despite facing competitive pressure from generic drugs, the breast cancer treatment drug Ibrance still contributed $4.1 billion in revenue, a 6% year-on-year decline, but it continues to hold its pillar position in the oncology product line. The prostate cancer treatment drug Xtandi saw revenue increase by 8% year-on-year to $2.2 billion, mainly benefiting from increased demand in the U.S. market.

Next-Generation Therapies Show Strong Growth Momentum. The antibody-drug conjugate Padcev (for bladder cancer treatment) achieved annual revenue of $1.9 billion, a 22% year-on-year increase, highlighting the commercial potential of the ADC technology platform. The lung cancer treatment drug Lorbrena surpassed $1 billion in revenue, with a significant year-on-year growth of 40%, as its market share in first-line treatment for ALK-positive non-small cell lung cancer continues to rise.

Biosimilar Business Contributes Stable Growth. The oncology biosimilar business generated annual revenue of $1.3 billion, a 25% increase, with fourth-quarter growth reaching as high as 76%, mainly due to favorable pricing conditions in the U.S. market. This segment provides important cash flow support and business stability for the company in the oncology field.

COVID-19 Product Revenue Meets Expectations, Significant Decline in Contribution

As the market anticipated, Pfizer's COVID-19 related products continued to show a significant downward trend in 2025. The COVID-19 vaccine Comirnaty generated annual revenue of $4.4 billion, a year-on-year decline of 18%; the oral treatment drug Paxlovid generated $2.4 billion in revenue, a year-on-year decline of 59%. Together, they contributed approximately $6.7 billion in revenue, a substantial drop from $11.1 billion in 2024.

The fourth-quarter performance was even more pronounced: Comirnaty's revenue for the quarter was $2.3 billion, a year-on-year decline of 35%; Paxlovid's revenue was only $218 million, a significant year-on-year decline of 70%. The decline in performance was mainly influenced by multiple factors, including reduced global COVID-19 infection levels, adjustments to vaccination recommendations in the U.S., and a reduction in international government procurement scale.

It is noteworthy that the company expects COVID-19 related product revenue to be around $5 billion in its 2026 performance outlook. This indicates that the business has essentially completed the transition from a pandemic phase to an endemic phase, and will continue to provide relatively stable revenue contributions as a seasonal product in the future.

Operational Efficiency Continues to Improve, Profit Margins Remain Robust

Pfizer demonstrated exceptional cost control capabilities in 2025. The adjusted sales cost ratio for the entire year decreased to 24.2%, down 1.6 percentage points from 25.8% in 2024, primarily due to the optimization of a high-value product portfolio and improvements in production operational efficiency.

Expense structure continues to optimize. The adjusted sales, information, and administrative expenses for the year amounted to $13.6 billion, a year-on-year decrease of 7%, further reducing its proportion of revenue. The company achieved precise and efficient allocation of marketing resources by focusing on core product promotion and strengthening digital capabilities.

Adjusted R&D expenses were $10.2 billion, a year-on-year decrease of 5%, but this does not indicate a contraction in R&D investment. The company significantly improved the efficiency of fund utilization while maintaining R&D intensity through pipeline optimization and the application of digital tools. In 2025, the company initiated 11 key clinical trials and plans to start about 20 in 2026, indicating that the efficiency of R&D output is continuously enhancing.

The adjusted effective tax rate for the year was 12.7%, further down from 14.5% in 2024, primarily benefiting from the optimization of regional tax structures and the effective implementation of tax planning measures, creating additional value for shareholders.

In terms of capital allocation, the company distributed $9.8 billion in dividends to shareholders in 2025, with a dividend of $1.72 per share, continuing to fulfill its commitment to return value to shareholders. At the same time, it invested $10.4 billion in internal R&D and approximately $8.8 billion in business expansion and related transactions, reflecting the company's strategic investment in future growth areas.

Major Acquisitions and Pipeline Progress, Focusing on the Obesity Sector

Pfizer is accelerating its layout in the treatment of obesity and metabolic diseases through strategic acquisitions and external collaborations. In November 2025, the company completed the acquisition of Metsera, with a total transaction valuation of approximately $7 billion, including contingent value rights of up to $20.65 per share. This transaction provides Pfizer with a next-generation obesity and cardiovascular metabolic disease R&D pipeline, marking its formal entry into this high-growth therapeutic area.

Progress in the obesity pipeline is rapid. In February 2026, Pfizer announced positive results from the phase 2b clinical study of its ultra-long-acting GLP-1 receptor agonist PF-3944 (MET-097i). The study achieved its primary endpoint, demonstrating statistically significant weight loss during the 28-week treatment period and showing good tolerability. Notably, the weight loss trend continued without plateau after patients transitioned from weekly to monthly dosing.

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

These initiatives highlight Pfizer's strategic investment in the obesity treatment field. Among the approximately 20 key clinical trials planned for 2026, 10 will focus on the ultra-long-acting obesity assets acquired from Metsera, while another 4 will target the PD-1×VEGF bispecific antibody PF-08634404, demonstrating a clear allocation of R&D resources and focus on disease areas

Tumor Pipeline Frequently Reports Good News, Multiple Products Achieve Regulatory Breakthroughs

Pfizer's tumor pipeline has made key clinical progress in multiple indications, further strengthening the market competitiveness and therapeutic potential of its product portfolio.

Padcev continues to expand in the field of bladder cancer. In November 2025, the U.S. FDA approved the antibody-drug conjugate Padcev in combination with pembrolizumab for perioperative treatment of muscle-invasive bladder cancer patients who are not suitable for cisplatin-based chemotherapy. This approval is based on positive data from the Phase 3 clinical trial EV-303.

In December 2025, the company further announced the interim analysis results of the EV-304 study (also known as KEYNOTE-B15). This trial evaluated the efficacy of Padcev in combination with pembrolizumab compared to standard neoadjuvant chemotherapy in similar patients suitable for cisplatin-based chemotherapy, showing that it has achieved dual primary endpoints of event-free survival and overall survival, laying an important foundation for further expanding the indication coverage of this product.

Tukysa maintenance therapy demonstrates significant clinical value. According to data from the HER2CLIMB-05 Phase 3 trial, Tukysa in combination with trastuzumab and pertuzumab as a first-line maintenance therapy for HER2-positive metastatic breast cancer significantly reduced the risk of disease progression or death by 35.9% compared to placebo combined with standard treatment, providing strong support for its position in this treatment area.

Braftovi shows outstanding performance in colorectal cancer treatment. Data from the BREAKWATER study Cohort 3 released in January 2026 showed that Braftovi in combination with cetuximab and FOLFIRI regimen for the treatment of BRAF V600E mutation-positive metastatic colorectal cancer patients achieved an objective response rate of 64.4%, significantly better than the standard treatment group's 39.2%, demonstrating superior clinical activity.

Expected Annual Revenue to Range Between $59.5 Billion and $62.5 Billion

The company fully confirms its financial guidance for 2026: Expected annual revenue will range between $59.5 billion and $62.5 billion, with adjusted earnings per share expected to be between $2.80 and $3.00.

The 2026 revenue guidance includes approximately $5 billion in revenue contributions from COVID-related products and accounts for about $1.5 billion in negative impacts from patent expirations. The company expects adjusted sales and administrative expenses for the year to be approximately $12.5 billion to $13.5 billion, with research and development expenses expected to be between $10.5 billion and $11.5 billion, and an adjusted effective tax rate of about 15%.

This guidance has taken into account current pricing policies (including "Most Favored Nation pricing" and TrumpRx drug pricing mechanisms) as well as the potential impact of currently implemented tariffs, but does not include any new tariff policies that may be introduced in the future. These prudent assumptions provide a buffer for achieving performance targets.

The company has clearly stated that it does not plan to conduct share buybacks in 2026 and will continue to focus on reducing debt levels and maintaining a balanced capital structure as its core financial strategy. This decision reflects management's emphasis on financial stability and reserves financial flexibility for future business development and strategic investments