Pfizer (PFE) earnings Q4 2025

Pfizer On Tuesday, it reported fourth-quarter results above forecasts despite declining demand for Covid products, reaffirming the modest 2026 forecast that troubled investors in December.

The pharmaceutical giant is seeking longer-term investments in its pipeline, including its $10 billion acquisition of obesity biotech Metsera, to counter declining Covid product sales and declines from older drugs. Pfizer moved Tuesday to demonstrate the promise of this investment, also reporting mid-stage data from Metsera showing that its obesity injection can be taken once a month and lead to robust weight loss.

Additionally, Pfizer is on track to reduce costs by approximately $7.7 billion by the end of 2027 as part of two separate initiatives.

Here’s what the company reported for the fourth quarter compared to Wall Street’s expectations, based on a survey of analysts by LSEG:

• Earnings per share: 66 cents adjusted, 57 cents expected
• Revenues: 17.56 billion dollars, while the expectation was 16.95 billion dollars

Pfizer reported fourth-quarter revenue of $17.56 billion, down about 1% from the same period a year ago. This is largely due to reduced demand for the Covid vaccine and Paxlovid, the antiviral pill for the virus.

The company recorded a net loss of $1.65 billion, or 29 cents per share. This compares with net income of $410 million, or 7 cents per share, in the same period a year ago.

Excluding certain items, including restructuring charges and costs related to intangible assets, the company reported earnings of 66 cents per share for the quarter.

Pfizer expects adjusted earnings to be between $2.80 and $3 per share in 2026, with revenue totaling between $59.5 billion and $62.5 billion. These sales will remain largely flat compared to 2025 revenue.

Pfizer has previously said its weak revenue outlook is partly due to declining sales of its Covid vaccine and antiviral pill Paxlovid, which it expects to fall about $1.5 billion annually to $5 billion.

The company also noted an expected decline in sales of approximately $1.5 billion annually due to some products losing market exclusivity. Some blockbuster drugs, such as the company’s pneumonia vaccine Prevnar, are facing more competition from rivals.

In December, Pfizer CFO Dave Denton told investors that the company’s 2026 guidance “includes price compression and margin compression” as the company plans to offer “deeper discounts” on its Medicaid business as part of the breakthrough drug pricing deal signed with President Donald Trump.

Under this agreement, Pfizer agreed to sell its existing drugs to Medicaid patients at the lowest price offered in other developed countries and to guarantee the same “most preferred country” pricing on its new drugs for Medicare, Medicaid and commercial payers. In return, the company will receive a three-year exemption from tariffs.

Xeljanz and Xeljanz XR, Pfizer’s treatments for rheumatoid arthritis and other inflammatory conditions, were selected for the third round of Medicare drug price negotiations in January. The newly negotiated prices will come into force in 2028.