On February 3, 2026, Pfizer released its financial report for the fourth quarter and the full year. The company’s total revenue for the year was $62.579 billion, a 2% decrease compared to $63.627 billion in 2024 (a 2% decline on an operational basis). The fourth-quarter revenue was $17.557 billion, down 1% year-over-year (a 3% decline on an operational basis). Although revenue from COVID-19-related products declined, Pfizer's non-COVID product portfolio showed strong performance, with an operational growth of 6% for the year. The adjusted earnings per share (EPS) for the full year was $3.22, up by 4%, and $0.66 for the fourth quarter, a 5% increase. Dr. Albert Bourla, Pfizer’s CEO, emphasized that the company strengthened its foundation for future growth through excellent execution and will focus on key catalysts in 2026, including launching around 20 pivotal studies. This article provides a comprehensive analysis of Pfizer’s 2025 performance, highlighting key achievements and challenges across financial performance, product performance, R&D pipeline, capital allocation, and future outlook.
In 2025, Pfizer's global total revenue was $62.579 billion, a 2% decrease from $63.627 billion in 2024. Excluding COVID-19 products (Comirnaty and Paxlovid), the company achieved an operational revenue growth of 6%, reflecting the resilience of its core business. Fourth-quarter revenue was $17.557 billion, down 1% year-over-year (a 3% decline on an operational basis), but grew by 9% when excluding COVID-19 products. The decline in revenue was mainly due to reduced demand for COVID-19 products: Comirnaty's full-year revenue dropped by 33%, and Paxlovid's revenue fell by 59%. However, non-COVID products such as Eliquis, the Prevnar family, and specialty care products experienced growth.
Pfizer reported net income of $7.771 billion for the year, a 3% decline compared to 2024. The adjusted net income for the year was $18.406 billion, up by 4%. Diluted EPS for the full year was $1.36, down 3%, while the adjusted diluted EPS was $3.22, up 4%. For the fourth quarter, the diluted EPS showed a loss of $0.29, mainly due to one-time items; the adjusted diluted EPS for the quarter was $0.66, reflecting a 5% increase. Profit resilience was supported by an optimized product mix and cost control, with the adjusted operating margin remaining stable.
Comirnaty (COVID-19 vaccine): Full-year revenue of $4.267 billion, a 33% decrease, primarily due to lower global vaccination rates and narrower recommendations.
Paxlovid (antiviral medication): Full-year revenue of $2.362 billion, a 59% decrease, reflecting a lower infection rate and reduced government procurement.
Eliquis (anticoagulant): Full-year revenue of $7.961 billion, an 8% increase, benefiting from higher global demand and optimized U.S. pricing.
Prevnar Family (pneumococcal vaccine): Full-year revenue of $6.494 billion, up 1%, driven by steady adult indication demand.
Vyndaqel Family (treatment for transthyretin amyloid cardiomyopathy): Full-year revenue of $6.380 billion, a 17% increase, driven by improved diagnosis rates.
Oncology Products: Ibrance revenue was $4.122 billion, down 6%, due to competition. However, Xtandi grew by 8%, Padcev by 22%, and Lorbrena by 40%, highlighting depth in the product line.
Non-COVID products such as Nurtec ODT/Vydura (migraine treatment) generated $1.424 billion, a 13% increase, while Abrysvo (RSV vaccine) earned $1.033 billion, up 37%, showing the potential of new drugs. Specialty care products like Cibinqo (dermatology drug) grew by 32%, driven by innovation.
Pfizer is transitioning from a COVID-centric portfolio to a more diversified one. In 2025, non-COVID products showed growth, particularly in specialty drugs and vaccines. In oncology, new products like Padcev and Lorbrena saw significant growth, while vaccines like Abrysvo and traditional vaccines (e.g., Prevnar) offset some of the COVID-related declines. This transformation lays the groundwork for post-pandemic growth.
Pivotal Studies: The company launched 11 key pivotal studies in 2025 and plans to initiate 20 in 2026, including 10 trials for long-acting obesity treatments from the Metsera acquisition, and 4 trials for the PD-1x VEGF dual antibody, PF-08634404, licensed from 3SBio.
Registrations and Clinical Progress: The combination of Padcev with pembrolizumab was approved by the FDA for perioperative treatment of muscle-invasive bladder cancer (MIBC). Tukysa showed a 35.9% improvement in progression-free survival in a Phase 3 trial for HER2+ metastatic breast cancer. Additionally, the ultra-long-acting GLP-1 receptor agonist PF-3944 achieved its primary endpoint in a Phase 2 obesity trial.
Collaborations and Acquisitions: Pfizer completed the acquisition of Metsera, strengthening its pipeline in obesity and metabolic diseases, and entered into a GLP-1 receptor agonist licensing agreement with YaoPharma, expanding its metabolic disease portfolio.
Dividends: Pfizer paid $9.8 billion in cash dividends, or $1.72 per share, reflecting strong cash flow.
Stock Buybacks: The company repurchased $8.9 billion worth of stock, reducing shares outstanding and boosting EPS. As of February 3, 2026, $3.3 billion in repurchase authorization remains.
Based on current expectations, Pfizer reaffirmed its financial guidance for 2026:
Revenue: Forecasted to be between $59.5 billion and $62.5 billion, a decline of approximately 3% at the midpoint, reflecting the continued decline of COVID-19 products and the impact of expiring patents on some products (about $1.5 billion).
Adjusted EPS: Expected to be between $2.80 and $3.00, a 7-13% decline year-over-year, primarily due to one-time expenses (including around $3.65 per share related to the Cidara acquisition).
Growth Drivers: Non-COVID products are expected to grow in the mid-single digits, with new product launches (e.g., obesity treatments) and pipeline progress serving as key growth catalysts.
Risks: Exchange rate fluctuations may provide a positive impact (revenue +2-3 percentage points), but pricing pressure and increased competition represent challenges. The guidance assumes no major new deals and focuses on executing the existing pipeline.
CEO Albert Bourla stated that 2026 will be a "year of key catalysts," with the company aiming to advance its operations and innovation to navigate industry headwinds.
[1]. https://s206.q4cdn.com/795948973/files/doc_financials/2025/q4/Q4-2025-PFE-Earnings-Release-FINAL2.pdf
