Pfizer 2025 H1 Report

Pfizer 2025 H1: $1.5 Billion Revenue from ADC Products, $13 Billion BD Firepower

On August 5, Pfizer announced its financial results for the first half of 2025, reporting total revenue of $28.367 billion, a 1% year-over-year increase.

By business segment, Oncology, Primary Care, and Specialty Care brought in $8.145 billion (+9%), $11.236 billion (-8%), and $8.364 billion (+6%) respectively.

Leading the Oncology division remains the blockbuster breast cancer drug Ibrance (palbociclib, a CDK4/6 inhibitor), which, despite ongoing sales decline due to fierce competition, still generated $2.026 billion in the first half (-7%).

Androgen receptor signaling inhibitor Xtandi (enzalutamide) brought in $1.023 billion (+12%). Third-generation ALK inhibitor Lorbrena (lorlatinib) also performed well with $473 million in revenue (+42%). PARP inhibitor Talzenna generated $86 million (+42%).

Pfizer highlighted Elrexfio, a CD3/BCMA bispecific antibody approved in 2023 for treating multiple myeloma, which brought in $145 million in the first half of 2025. It has already gained leading market share in new regions like Japan. Pfizer believes Elrexfio could become the standard of care for BCMA bispecific therapies.

Following its $43 billion acquisition of Seagen at the end of 2023, Pfizer saw strong growth in these acquired assets. Products from the acquisition generated approximately $1.752 billion in the first half, with ADC (Antibody-Drug Conjugate) products accounting for about $1.518 billion.

Breakdown of ADC product sales:

• Padcev (enfortumab vedotin, first Nectin-4 ADC): $967 million (+32%)
• Adcetris (brentuximab vedotin, first CD30 ADC): $472 million (-12%)
• Tukysa (tucatinib, HER2 inhibitor): $234 million (+3%)
• Tivdak (tissue factor ADC): $79 million (+31%)

Pfizer's breast cancer portfolio may soon expand with Vepdegestrant, a potential first-in-class PROTAC drug co-developed with Arvinas, which has already been submitted for regulatory approval.

In the Primary Care business, both key products—anticoagulant Eliquis (apixaban) and the Prevnar pneumococcal vaccine family (Prevnar 20 & 13)—have seen growth stagnation. Eliquis recorded $3.926 billion in sales and faces a looming patent cliff in 2026, while Prevnar achieved $3.043 billion in revenue.

Nurtec ODT/Vydura (rimegepant), a migraine treatment acquired from Biohaven for $11.6 billion, contributed $607 million (+14%).

The RSV vaccine Abrysvo, launched in 2023, brought in $274 million (+36%).

On the R&D front, Pfizer described the PD-1/VEGF bispecific antibody SSGJ-707 (PF-08634404), developed by 3SBio, as a “seamless strategic fit.” Pfizer is planning a full Phase III development program, including potential combination strategies with its ADC portfolio.

Following the 3SBio deal, Pfizer still holds $13 billion in BD (Business Development) firepower to support sustained growth over the next decade.

Pfizer Chairman and CEO Albert Bourla stated: “Pfizer again demonstrated strong execution this quarter. We are pleased with the progress we’ve made in advancing our R&D pipeline, enhancing commercial performance, and expanding profit margins. We are laying a solid foundation for future growth and remain confident in our ability to create greater value for both patients and shareholders.”