Pfizer Inc (NYSE:PFE, XETRA:PFE) reported fourth-quarter and full-year 2025 results on Tuesday, exceeding analyst expectations on adjusted earnings even as sales of its COVID-19 products fell.
The pharmaceutical company’s beat on profit wasn’t enough to offset concerns about declining COVID-19 revenue and future growth uncertainties, with shares dropping 4.3% on Tuesday morning in New York.
Pfizer posted total fourth-quarter revenue of $17.56 billion, slightly above analysts’ average estimate of $16.95 billion, according to Refinitiv data. On an adjusted basis, the company earned $0.66 per share, beating the consensus forecast of $0.57. Reported net loss per share was $0.29.
Sales of COVID-19 products declined sharply, with Comirnaty down 35% and Paxlovid down 70% operationally, reflecting lower vaccination rates and reduced infections globally.
Excluding contributions from its COVID-19 products, Comirnaty and Paxlovid, Pfizer said operational revenues rose 9% in the quarter, driven by strong performance in vaccines and specialty medicines. Notable gains included Abrysvo, up 136% operationally, oncology biosimilars up 76%, Eliquis up 8%, Prevnar vaccines up 8%, and the Vyndaqel family up 7%.
Pfizer CEO Albert Bourla said the company had “delivered a solid financial performance and strengthened Pfizer’s foundation for future growth,” adding that 2026 would be “an important year rich in key catalysts, including our expectation for approximately 20 key pivotal study starts.”
CFO David Denton highlighted the company’s non-COVID growth, noting a 6% operational increase in that portfolio, and reaffirmed Pfizer’s full-year 2026 guidance. The company expects revenues of $59.5 billion to $62.5 billion and adjusted diluted earnings per share of $2.80 to $3. Guidance factors in about $5 billion in COVID-19 product sales, impacts from loss of exclusivity on certain products, and the effects of drug pricing policies and tariffs.