Full Press Release Details
Pfizer Reports Solid Third-Quarter 2025 Results Raises and Narrows 2025 EPS Guidance
Focused Execution Delivers Strong EPS Performance
Landmark Agreement Reached with U.S. Government Provides Longer-Term Business Clarity
Secured Early FTC Clearance for Proposed Metsera Acquisition to Meaningfully Compete in Obesity
NEW YORK, Tuesday, November 4, 2025 - Pfizer Inc. (NYSE PFE) reported financial results for the third quarter of 2025 and reaffirmed its 2025 Revenue guidance(1) while raising and narrowing guidance for Adjusted(2) diluted EPS.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and CEO of Pfizer
"I am proud of Pfizer's leadership as the first in our industry to reach an agreement with the U.S. Government, which we believe provides greater clarity for our business. Additionally, our recent strategic actions have strengthened opportunities to advance innovation that could address significant medical needs in high growth markets, helping us deliver value for patients and shareholders."
David Denton, CFO and EVP of Pfizer
"Our third-quarter performance demonstrates our continued focus on execution and financial discipline. We raised and narrowed our full-year 2025 Adjusted diluted EPS guidance, underscoring confidence in our ability to deliver strong results for our shareholders."
Third-Quarter 2025 Revenues of $16.7 Billion, Representing a 7% Year-over-Year Operational Decline
-Strengthened Commercial Execution Drives 4% Operational Revenue Growth of Non-COVID Portfolio
Third-Quarter 2025 Reported(3) Diluted EPS of $0.62, and Adjusted(2) Diluted EPS of $0.87
Reaffirms Full-Year 2025 Revenue Guidance(1) in a Range of $61.0 to $64.0 Billion
Raises and narrows Full-Year 2025 Adjusted(2) Diluted EPS Guidance(1) to a Range of $3.00 to $3.15
On Track to Deliver Approximately $7.2 Billion in Overall Anticipated Net Cost Savings from Previously Announced Cost Improvement Initiatives(4) by End of 2027, Driving Productivity Gains and Operating Margin Expansion
Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates(5).
Results for the third quarter and first nine months of 2025 and 2024(6) are summarized below.
| ($ in millions, except per share amounts) | Third-Quarter | Nine Months | |||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||
| Revenues | $ 16,654 | $ 17,702 | (6%) | $ 45,022 | $ 45,864 | (2%) | |||||
| Reported (3) Net Income | 3,541 | 4,465 | (21%) | 9,419 | 7,621 | 24% | |||||
| Reported (3) Diluted EPS | 0.62 | 0.78 | (21%) | 1.65 | 1.34 | 23% | |||||
| Adjusted (2) Income | 4,949 | 6,050 | (18%) | 14,620 | 14,124 | 4% | |||||
| Adjusted (2) Diluted EPS | 0.87 | 1.06 | (18%) | 2.56 | 2.48 | 3% |
| ($ in millions) | Third-Quarter | Nine Months | |||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||
| Total | Oper. | Total | Oper. | ||||||||||
| Global Biopharmaceuticals Business (Biopharma) | $ 16,310 | $ 17,392 | (6%) | (7%) | $ 44,056 | $ 44,987 | (2%) | (2%) | |||||
| Pfizer CentreOne (PC1) | 344 | 285 | 21% | 18% | 929 | 820 | 13% | 13% | |||||
| Pfizer Ignite | - | 25 | (99%) | (99%) | 37 | 56 | (34%) | (34%) | |||||
| TOTAL REVENUES | $ 16,654 | $ 17,702 | (6%) | (7%) | $ 45,022 | $ 45,864 | (2%) | (2%) |
2025 FINANCIAL GUIDANCE(1)
Reaffirms full-year 2025 Revenue guidance of $61.0 to $64.0 billion.
Raises and narrows Adjusted(2) diluted EPS guidance(1) to a range of $3.00 to $3.15 from $2.90 to $3.10 previously.
The updated 2025 Adjusted(2) diluted EPS guidance takes into consideration our solid year-to-date performance, continued confidence in our business, progress with ongoing cost improvement initiatives, and improvement in our effective tax rate.
-Includes a one-time $1.35 billion Acquired In-Process R D charge related to the in-licensing agreement with 3SBio, Inc. recorded in the third quarter of 2025 with an unfavorable impact of approximately $0.20.
The company's guidance absorbs the impact of the currently imposed tariffs from China, Canada, and Mexico.
| Revenues | $61.0 to $64.0 billion | ||
| Adjusted (2) SI A Expenses | $13.1 to $14.1 billion | ||
| Adjusted (2) R D Expenses | $10.0 to $11.0 billion | ||
| (previously $10.4 to $11.4 billion) | |||
| Effective Tax Rate on Adjusted (2) Income | Approximately 11.0% | ||
| (previously approximately 13.0%) | |||
| Adjusted (2) Diluted EPS | $3.00 to $3.15 | ||
| (previously $2.90 to $3.10) |
During the first nine months of 2025, Pfizer deployed its capital in a variety of ways, which primarily included
Reinvesting capital into initiatives intended to enhance the future growth prospects of the company, including
$7.2 billion invested in internal research and development projects, and
Approximately $1.6 billion invested in business development transactions, primarily reflecting the 3SBio in-licensing deal.
Returning capital directly to shareholders through $7.3 billion of cash dividends, or $1.29 per share of common stock.
No share repurchases have been completed to date in 2025. As of November 4, 2025, Pfizer's remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any share repurchases in
2025. The company expects to continue to de-lever in a prudent manner in order to maintain a balanced capital allocation strategy. This includes maintaining the flexibility to deploy capital towards potential value-creating business development transactions and the potential to return capital to shareholders through share repurchases.
Diluted weighted-average shares outstanding of 5,714 million and 5,705 million were used to calculate Reported(3) and Adjusted(2) diluted EPS for third-quarter 2025 and 2024, respectively.
QUARTERLY FINANCIAL HIGHLIGHTS (Third-Quarter 2025 vs. Third-Quarter 2024)
Third-quarter 2025 revenues totaled $16.7 billion, a decrease of $1.0 billion, or 6%, compared to the prior-year quarter, reflecting an operational decrease of $1.3 billion, or 7%, and a favorable impact of foreign exchange of $203 million. The operational decrease was primarily driven by a year-over-year decline in COVID-19 product revenues largely due to lower infection rates impacting Paxlovid demand as well as a narrower vaccine recommendation for COVID-19 in the U.S. that reduced the eligible population for Comirnaty.
Third-quarter 2025 operational revenue reflected higher revenues primarily for
Eliquis globally, up 22% operationally, driven primarily by higher demand globally and favorable net price in the U.S. as a result of the expected favorable year-over-year impact of the elimination of the coverage gap as part of the IRA Medicare Part D Redesign, partially offset by generic entry and price erosion in certain international markets
Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up 7% operationally, driven largely by strong demand with continuing uptake in patient diagnosis primarily in the U.S. and certain international developed markets, as well as improved patient affordability in the U.S. partially offset by lower net price in the U.S. mostly due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign, as well as new payer contracts and
Nurtec ODT Vydura globally, up 22% operationally, driven primarily by strong demand in the U.S. and recent launches in certain international markets, partially offset by lower net price in the U.S. mainly due to unfavorable changes in channel mix
more than offset primarily by lower revenues for
Paxlovid, down 55% operationally, driven primarily by lower COVID-19 infections across U.S. and international markets and lower international government purchases, as well as the non-recurrence of a $442 million favorable U.S. government stockpile purchase in the third quarter of 2024 partially offset by favorable adjustments of rebate accruals related to prior periods, as well as higher net price in the U.S. following transition from the U.S. government agreement and
Comirnaty, down 20% operationally, mainly due to a narrower recommendation for vaccination in the U.S. as well as delayed approval of the new variant vaccine partially offset by a lower returns provision and higher market share in the U.S., as well as higher contractual deliveries in certain international markets.
GAAP Reported(3) Statement of Operations Highlights
SELECTED REPORTED(3) COSTS AND EXPENSES
| ($ in millions) | Third-Quarter | Nine Months | ||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||
| Total | Oper. | Total | Oper. | |||||||||||
| Cost of Sales (3) | $ 4,172 | $ 5,263 | (21%) | (26%) | $ 10,795 | $ 11,942 | (10%) | (11%) | ||||||
| Percent of Revenues | 25.0 | % | 29.7 | % | N A | N A | 24.0 | % | 26.0 | % | N A | N A | ||
| SI A Expenses (3) | 3,186 | 3,244 | (2%) | (3%) | 9,632 | 10,456 | (8%) | (8%) | ||||||
| R D Expenses (3) | 2,546 | 2,598 | (2%) | (2%) | 7,231 | 7,787 | (7%) | (7%) | ||||||
| Acquired IPR D Expenses (3) | 1,390 | 13 | * | * | 1,401 | 20 | * | * | ||||||
| Other (Income) Deductions-net (3) | 517 | 243 | * | 86% | 2,210 | 2,030 | 9% | 10% | ||||||
| Effective Tax Rate on Reported (3) Income | (6.5 | %) | 5.0 | % | (2.9 | %) | 4.9% | |||||||
| * Indicates calculation not meaningful or results are greater than 100%. |
Third-quarter 2025 Cost of Sales(3) as a percentage of revenues decreased by 4.7 percentage points compared to the prior-year quarter, primarily driven by (i) a favorable revision of our estimate of accrued royalties, (ii) a favorable change in sales mix driven by lower sales of Comirnaty and Paxlovid, including the non-recurrence of a charge recorded in the third quarter of 2024 that was included in the 50% gross profit split with BioNTech and applicable royalty expenses, and (iii) lower amortization from the step-up of acquired inventory partially offset by (iv) an unfavorable impact of foreign exchange.
Third-quarter 2025 SI A Expenses(3) decreased 3% operationally compared with the prior-year quarter, primarily reflecting focused investments and ongoing productivity improvements that drove a decrease in marketing and promotional spend for various products and lower spending in corporate enabling functions, partially offset by higher healthcare reform fees in the current period primarily due to a favorable adjustment recorded in the third quarter of 2024.
Third-quarter 2025 R D Expenses(3) decreased 2% operationally compared with the prior-year quarter, driven primarily by a net decrease in spending due to pipeline focus and optimization including the expansion of our digital capabilities, as well as lower compensation-related expenses.
Third-quarter 2025 Acquired In-Process R D Expenses(3) increased $1.4 billion compared to the prior-year quarter, driven primarily by a $1.35 billion charge related to an in-licensing agreement with 3SBio, Inc.
The unfavorable period-over-period change in Other (income) deductions-net(3) of $275 million for the third quarter of 2025, compared with the prior-year quarter, was driven primarily by (i) an intangible asset impairment charge in the third quarter of 2025, (ii) lower net gains on equity securities, (iii) the non-recurrence of equity method income in the third quarter of 2024 from our previous investment in Haleon plc and (iv) higher charges for certain legal matters partially offset by (v) a non-recurrence of a charge in the third quarter of 2024 related to the
expected sale of one of our facilities resulting from the discontinuation of our Duchenne muscular dystrophy program and (vi) lower net interest expense.
Pfizer's effective tax rate on Reported(3) income for the third quarter of 2025 decreased compared to the prior-year quarter primarily due to a favorable change in the jurisdictional mix of earnings, the remeasurement of deferred tax liabilities due to the enactment of the One Big Beautiful Bill Act on July 4, 2025, and tax benefits related to global income tax resolutions in multiple tax jurisdictions spanning multiple tax years.
Adjusted(2) Statement of Operations Highlights
SELECTED ADJUSTED(2) COSTS AND EXPENSES
| ($ in millions) | Third-Quarter | Nine Months | ||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||
| Total | Oper. | Total | Oper. | |||||||||||
| Adjusted (2) Cost of Sales | $ 3,979 | $ 4,874 | (18%) | (23%) | $ 10,075 | $ 10,678 | (6%) | (6%) | ||||||
| Percent of Revenues | 23.9 | % | 27.5 | % | N A | N A | 22.4 | % | 23.3 | % | N A | N A | ||
| Adjusted (2) SI A Expenses | 3,158 | 3,219 | (2%) | (3%) | 9,562 | 10,342 | (8%) | (8%) | ||||||
| Adjusted (2) R D Expenses | 2,486 | 2,561 | (3%) | (3%) | 7,096 | 7,708 | (8%) | (8%) | ||||||
| Acquired IPR D Expenses (2) | 1,390 | 13 | * | * | 1,401 | 20 | * | * | ||||||
| Adjusted (2) Other (Income) Deductions-net | 257 | 243 | 6% | (21%) | 688 | 797 | (14%) | (10%) | ||||||
| Effective Tax Rate on Adjusted (2) Income | 7.9% | 10.8 | % | 9.5 | % | 13.3 | % |
See the reconciliations of certain Reported(3) to non-GAAP Adjusted(2) financial measures and associated footnotes in the financial tables section of this press release.
RECENT NOTABLE DEVELOPMENTS (Since August 5, 2025)
Product Developments
| Product Project | Milestone | Recent Development | Link |
| Braftovi (encorafenib) + Mektovi (binimetinib) | Phase 2 Four-Year Data | October 2025. Announced updated follow-up results from the single-arm Phase 2 PHAROS trial evaluating Braftovi + Mektovi for the treatment of adults with metastatic non-small cell lung cancer (mNSCLC) with a BRAF V600E mutation. In treatment-na ve patients, the median overall survival (OS) was 47.6 months (95% confidence interval CI , 31.3, not estimable) after a median follow-up of 52.3 months. In previously treated patients, the median OS was 22.7 months (95% CI, 14.1, 32.6), after a median follow-up of 48.2 months. The four-year OS rates were 49% (95% CI, 35, 62) and 31% (95% CI, 16, 47) for treatment-na ve and previously treated patients, respectively. At the time of this analysis, the safety profile of Braftovi + Mektovi was consistent with previous findings. | Full Release |
| Product Project | Milestone | Recent Development | Link |
| Comirnaty (COVID-19 Vaccine, mRNA) | Phase 3 Results | September 2025. Pfizer and BioNTech announced positive topline results from an ongoing Phase 3 clinical trial cohort evaluating the safety, tolerability, and immunogenicity of a 30- g dose of the LP.8.1-adapted monovalent Comirnaty 2025-2026 Formula in adults aged 65 and older and in adults aged 18 through 64 with at least one underlying risk condition for severe COVID-19. The preliminary data show a robust increase in neutralizing antibodies targeting the LP.8.1 sublineage of SARS-CoV-2 following vaccination. These clinical findings reinforce pre-clinical data that supported the U.S. Food and Drug Administration (FDA) approval of the LP.8.1-adapted COVID-19 vaccine, which demonstrated improved immune responses against multiple circulating SARS-CoV-2 sublineages. | Full Release |
| ACIP Vote | September 2025. The U.S. Centers for Disease Control and Prevention's (CDC) Advisory Committee on Immunization Practices (ACIP) unanimously recommended COVID-19 vaccination for individuals six months and older based on shared clinical decision-making. This recommendation was subsequently adopted by the Director of the CDC and the U.S. Department of Health and Human Services. | Full Release | |
| Regulatory | August 2025. Pfizer and BioNTech announced the FDA approved the supplemental Biologics License Application (sBLA) for the companies' LP.8.1-adapted monovalent COVID-19 vaccine for use in adults ages 65 years and older, as well as in individuals ages 5 through 64 years with at least one underlying condition that puts them at high risk for severe outcomes from COVID-19. | Full Release |
| Product Project | Milestone | Recent Development | Link |
| Padcev (enfortumab vedotin) | Phase 3 Results | October 2025. Pfizer and Astellas Pharma Inc. announced positive results from the Phase 3 EV-303 clinical trial (also known as KEYNOTE-905) evaluating Padcev in combination with pembrolizumab as neoadjuvant and adjuvant treatment (before and after surgery) versus surgery alone, the current standard of care, in patients with muscle-invasive bladder cancer (MIBC) who are not eligible for or declined cisplatin-based chemotherapy. At the first interim efficacy analysis, results from the primary endpoint of event-free survival (EFS) showed a 60% reduction in the risk of tumor recurrence, progression or death for patients treated with neoadjuvant and adjuvant Padcev plus pembrolizumab as compared to surgery alone (Hazard Ratio (HR) of 0.40 95% CI, 0.28-0.57 p 0.0001). The estimated median EFS has not yet been reached for the combination arm versus 15.7 months for the surgery alone arm. An estimated 74.7% of patients treated with the combination were event free at two years, relative to 39.4% of patients who received surgery only. Results from the key secondary endpoint of OS showed a 50% reduction in the risk of death for neoadjuvant and adjuvant Padcev plus pembrolizumab as compared to surgery alone (HR of 0.50 95% CI, 0.33-0.74 p 0.0002). The estimated median OS has not yet been reached for the combination arm versus 41.7 months for the surgery arm. An estimated 79.7% of patients were alive at two years relative to 63.1% of patients who received surgery only. The safety results in EV-303 were consistent with those previously reported for this combination. | Full Release |
| Tukysa (tucatinib) | Phase 3 Results | October 2025 . Announced positive topline results from the Phase 3 HER2CLIMB-05 trial of first-line combination therapy with the tyrosine kinase inhibitor Tukysa in patients with human epidermal growth factor receptor 2-positive (HER2+) metastatic breast cancer (MBC). HER2CLIMB-05 is evaluating Tukysa versus placebo, both in combination with first-line standard-of-care maintenance therapy (trastuzumab plus pertuzumab) following chemotherapy-based induction. The trial met its primary endpoint, demonstrating a statistically significant and clinically meaningful improvement in progression-free survival (PFS) by investigator assessment in the Tukysa arm versus the placebo arm. Treatment with Tukysa in combination with trastuzumab and pertuzumab was tolerable, with a safety profile generally consistent with the established safety profiles of each individual therapy. | Full Release |
| Product Project | Milestone | Recent Development | Link |
| Xtandi (enzalutamide) | Phase 3 Results | October 2025. Pfizer and Astellas Pharma Inc. announced final OS results from the Phase 3 EMBARK study evaluating Xtandi, in combination with leuprolide and as monotherapy, in men with non-metastatic hormone-sensitive prostate cancer (nmHSPC also known as nonmetastatic castration-sensitive prostate cancer or nmCSPC) with biochemical recurrence (BCR) at high risk for metastasis. For the key secondary endpoint of OS, Xtandi plus leuprolide reduced the risk of death by 40.3% compared to leuprolide alone (Hazard Ratio HR 0.597 95% CI, 0.444-0.804 p 0.0006), making this the first and only androgen receptor inhibitor-based regimen to demonstrate an OS benefit in nmHSPC with high-risk BCR. The 8-year overall survival was 78.9% (95% CI, 73.9% to 83.1%) among patients receiving Xtandi plus leuprolide and 69.5% (95% CI, 64.0% to 74.3%) among patients taking leuprolide alone. A numerical improvement in OS with Xtandi as monotherapy compared to leuprolide alone (HR 0.83 95% CI, 0.63-1.095 p 0.1867) did not reach statistical significance. The safety profile of Xtandi was consistent with that observed at the primary EMBARK analysis, and no new safety signals were identified. | Full Release |
Pipeline Developments
A comprehensive update of Pfizer's development pipeline was published today and is now available at www.pfizer.com science drug-product-pipeline. It includes an overview of Pfizer's research and a list of compounds in development with targeted indication and phase of development, as well as mechanism of action for some candidates in Phase 1 and all candidates from Phase 2 through registration.
| Product Project | Milestone | Recent Development | Link |
| inclacumab | Phase 3 Results | August 2025. Announced results from the Phase 3 THRIVE-131 study evaluating inclacumab, an investigational P-selectin inhibitor, in patients 16 years of age and older with sickle cell disease (SCD). The study did not meet its primary endpoint of significant reduction in the rate of vaso-occlusive crises (VOCs) in participants receiving inclacumab versus placebo every 12 weeks over 48 weeks. Inclacumab was generally well tolerated in THRIVE-131. The most commonly reported treatment-emergent adverse events in either group were anemia, arthralgia, back pain, headache, malaria, sickle cell anemia with crisis, and upper respiratory tract infection. | Full Release |
Corporate Developments
| Topic | Recent Development | Link |
| Agreement with U.S. Government | September 2025. Announced a historic agreement with the Trump Administration in which Pfizer has voluntarily agreed to implement measures designed to ensure Americans receive comparable drug prices to those available in other developed countries and pricing newly launched medicines at parity with other key developed markets. Under the agreement, Pfizer will also participate in a direct purchasing platform, TrumpRx.gov, that will allow American patients to purchase medicines from Pfizer at a significant discount. The large majority of the Company's primary care treatments and some select specialty brands will be offered at savings that will range as high as 85% and on average 50%. The agreement provides a three-year grace period during which time Pfizer products under a Section 232 investigation will not face tariffs, provided the company further invests in manufacturing in the United States. | Full Release |
| Business Development | September 2025. Announced Pfizer entered into a definitive agreement to acquire Metsera, a clinical-stage biopharmaceutical company accelerating the next generation of medicines for obesity and cardiometabolic diseases, for $47.50 in cash per Metsera share at closing, representing an enterprise value of approximately $4.9 billion. Additionally, the agreement includes a non-transferable contingent value right (CVR) entitling holders to potential additional payments of up to $22.50 per share tied to three specific milestones $5 per share following the Phase 3 clinical trial start of Metsera's injectable GLP-1 receptor agonist (MET-097i) + amylin analog (MET-233i) combination, $7 per share following FDA approval of the monthly GLP-1 receptor agonist MET-097i monotherapy, and $10.50 per share following FDA approval of the monthly MET-097i + MET-233i combination, if achieved. Pfizer expects to finance the transaction through a combination of available cash and new debt. The transaction is subject to the satisfaction of customary closing conditions, including receipt of approval by Metsera's shareholders. | Full Release |
| October 2025. Announced the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to Pfizer's pending acquisition of Metsera. As such, all required regulatory approvals in respect of Pfizer's acquisition of Metsera have been obtained. | Full Release | |
| October-November 2025. Announced that Pfizer has filed lawsuits against Metsera, Novo Nordisk A S and several related parties and individuals in the Delaware Court of Chancery and the U.S. District Court of the District of Delaware for claims relating to a competing proposal to acquire Metsera made by Novo Nordisk on October 25, including claims for breach of contract, breach of fiduciary duty, and tortious interference in contract arising from Metsera's breach of its obligations under the merger agreement between Pfizer and Metsera, as well as various antitrust-related claims. Pfizer is requesting the Delaware Court of Chancery issue a temporary restraining order to block Metsera from terminating the merger agreement and seeks all appropriate remedies to ensure the terms of the merger agreement are fully enforced. The company is confident in the merits of these cases. | Full Release Full Release |
PFIZER TO HOST CONFERENCE CALL
Pfizer will host a live conference call and webcast today, November 4, 2025, at 10 00 AM EDT. To access the live conference call and view the third-quarter 2025 earnings presentation, accompanying prepared remarks from management, and infographic, visit our website at pfizer.com investors.
You can also listen to the conference call by dialing either 800-456-4352 in the U.S. and Canada or 785-424-1086 outside of the U.S. and Canada. The passcode is "90164".
The transcript and webcast replay of the call will be made available on our website at pfizer.com investors within 24 hours after the end of the live conference call and will be accessible for at least 90 days.
For additional details, see the attached financial schedules, product revenue tables and disclosure notice.
(1)Pfizer does not provide guidance for U.S. generally accepted accounting principles (GAAP) Reported financial measures (other than revenues) or a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP Reported financial measures on a forward-looking basis because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses, certain acquisition-related expenses, gains and losses from equity securities, actuarial gains and losses from pension and postretirement plan remeasurements, potential future asset impairments and pending litigation without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP Reported results for the guidance period.
Financial guidance for full-year 2025 reflects the following
Does not assume the completion of any business development transactions not completed as of November 4, 2025.
An anticipated unfavorable revenue impact of approximately $0.4 billion due to recent and expected generic and biosimilar competition for certain products that have recently lost patent or regulatory protection or that are anticipated to lose patent or regulatory protection.
Exchange rates assumed are a blend of actual rates in effect through third-quarter 2025 and mid-October 2025 rates for the remainder of the year.
Guidance for Adjusted(2) diluted EPS assumes diluted weighted-average shares outstanding of approximately 5.71 billion shares, and assumes no share repurchases in 2025.
The company's guidance absorbs the impact of the currently imposed tariffs from China, Canada, and Mexico.
(2)Adjusted income and Adjusted diluted earnings per share (EPS) are defined as U.S. GAAP net income attributable to Pfizer Inc. common shareholders and U.S. GAAP diluted EPS attributable to Pfizer Inc. common shareholders before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items. See the accompanying reconciliations of certain GAAP Reported to Non-GAAP Adjusted information for the third quarter and the first nine months of 2025 and 2024. Adjusted income and its components and Adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS(3). See the Non-GAAP Financial Measure Adjusted Income section of Management's Discussion and Analysis of Financial Condition and Results of Operations in Pfizer's 2024 Annual Report on Form 10-K and the accompanying Non-GAAP Financial Measure Adjusted Income section of this press release for a definition of each component of Adjusted income as well as other relevant information.
(3)Revenues is defined as revenues in accordance with U.S. GAAP. Reported net income and its components are defined as net income attributable to Pfizer Inc. common shareholders and its
components in accordance with U.S. GAAP. Reported diluted EPS is defined as diluted EPS attributable to Pfizer Inc. common shareholders in accordance with U.S. GAAP.
(4)On track to deliver approximately $7.7 billion in anticipated overall savings (approximately $7.2 billion of net cost savings) from previously announced cost improvement initiatives
Approximately $4.5 billion of overall net cost savings from Pfizer's ongoing cost realignment program are expected to be achieved by the end of 2025. An additional approximately $1.2 billion of anticipated net cost savings, primarily in SI A, is expected to be fully achieved by the end of 2027. The net cost savings are calculated versus the midpoint of Pfizer's 2023 SI A and R D expense guidance provided on August 1, 2023.
On track to deliver anticipated R D re-organization cost savings of approximately $500 million to be fully realized by the end of 2026, with savings to be reinvested in the pipeline.
The first phase of the Manufacturing Optimization Program is on track to deliver approximately $1.5 billion in net cost savings by the end of 2027, contributing savings in third-quarter 2025.
(5)References to operational variances in this press release pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although foreign exchange rate changes are part of Pfizer's business, they are not within Pfizer's control and because they can mask positive or negative trends in the business, Pfizer believes presenting operational variances excluding these foreign exchange changes provides useful information to evaluate Pfizer's results.
(6)Pfizer's fiscal year-end for international subsidiaries is November 30 while Pfizer's fiscal year-end for U.S. subsidiaries is December 31. Therefore, Pfizer's third quarter and first nine months for U.S. subsidiaries reflects the three and nine months ended on September 28, 2025 and September 29, 2024, while Pfizer's third quarter and first nine months for subsidiaries operating outside the U.S. reflects the three and nine months ended on August 24, 2025 and August 25, 2024.
PFIZER INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF OPERATIONS(1)
(millions, except per share data)
| Third-Quarter | % Incr. | Nine Months | % Incr. | |||||||||||||||||
| 2025 | 2024 | (Decr.) | 2025 | 2024 | (Decr.) | |||||||||||||||
| Revenues | ||||||||||||||||||||
| Product revenues (2) | $ | 13,920 | $ | 15,417 | (10) | $ | 37,168 | $ | 38,731 | (4) | ||||||||||
| Alliance revenues | 2,298 | 1,900 | 21 | 6,684 | 6,140 | 9 | ||||||||||||||
| Royalty revenues | 436 | 384 | 13 | 1,170 | 992 | 18 | ||||||||||||||
| Total revenues | 16,654 | 17,702 | (6) | 45,022 | 45,864 | (2) | ||||||||||||||
| Costs and expenses | ||||||||||||||||||||
| Cost of sales (2), (3) | 4,172 | 5,263 | (21) | 10,795 | 11,942 | (10) | ||||||||||||||
| Selling, informational and administrative expenses (3) | 3,186 | 3,244 | (2) | 9,632 | 10,456 | (8) | ||||||||||||||
| Research and development expenses (3) | 2,546 | 2,598 | (2) | 7,231 | 7,787 | (7) | ||||||||||||||
| Acquired in-process research and development expenses (4) | 1,390 | 13 | * | 1,401 | 20 | * | ||||||||||||||
| Amortization of intangible assets | 1,223 | 1,312 | (7) | 3,644 | 3,927 | (7) | ||||||||||||||
| Restructuring charges and certain acquisition-related costs (5) | 286 | 313 | (9) | 945 | 1,669 | (43) | ||||||||||||||
| Other (income) deductions--net (6) | 517 | 243 | * | 2,210 | 2,030 | 9 | ||||||||||||||
| Income from continuing operations before provision (benefit) for taxes on income | 3,334 | 4,715 | (29) | 9,162 | 8,033 | 14 | ||||||||||||||
| Provision (benefit) for taxes on income (7) | (216) | 234 | * | (264) | 393 | * | ||||||||||||||
| Income from continuing operations | 3,550 | 4,481 | (21) | 9,427 | 7,640 | 23 | ||||||||||||||
| Discontinued operations--net of tax | - | (8) | (97) | 25 | 4 | * | ||||||||||||||
| Net income before allocation to noncontrolling interests | 3,550 | 4,473 | (21) | 9,452 | 7,644 | 24 | ||||||||||||||
| Less Net income attributable to noncontrolling interests | 9 | 8 | 13 | 33 | 23 | 45 | ||||||||||||||
| Net income attributable to Pfizer Inc. common shareholders | $ | 3,541 | $ | 4,465 | (21) | $ | 9,419 | $ | 7,621 | 24 | ||||||||||
| Earnings per common share--basic | ||||||||||||||||||||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.62 | $ | 0.79 | (21) | $ | 1.66 | $ | 1.35 | 23 | ||||||||||
| Discontinued operations--net of tax | - | - | - | - | - | - | ||||||||||||||
| Net income attributable to Pfizer Inc. common shareholders | $ | 0.62 | $ | 0.79 | (21) | $ | 1.66 | $ | 1.35 | 23 | ||||||||||
| Earnings per common share--diluted | ||||||||||||||||||||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | $ | 0.62 | $ | 0.79 | (21) | $ | 1.65 | $ | 1.34 | 23 | ||||||||||
| Discontinued operations--net of tax | - | - | - | - | - | - | ||||||||||||||
| Net income attributable to Pfizer Inc. common shareholders | $ | 0.62 | $ | 0.78 | (21) | $ | 1.65 | $ | 1.34 | 23 | ||||||||||
| Weighted-average shares used to calculate earnings per common share | ||||||||||||||||||||
| Basic | 5,685 | 5,667 | 5,682 | 5,663 | ||||||||||||||||
| Diluted | 5,714 | 5,705 | 5,710 | 5,699 |
*Indicates calculation not meaningful or results are greater than 100%.
PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS - (UNAUDITED)
(1)The financial statements present the three and nine months ended September 28, 2025 and September 29, 2024. Subsidiaries operating outside the U.S. are included for the three and nine months ended August 24, 2025 and August 25, 2024.
The financial results for the three and nine months ended September 28, 2025 are not necessarily indicative of the results that ultimately could be achieved for the full year.
Certain amounts in the consolidated statements of operations and associated notes may not add due to rounding. All percentages have been calculated using unrounded amounts.