Pfizer's accounts are mixedIn the fourth quarter of 2025, the pharmaceutical giant recorded revenues of $17,6 billion, down 3% on an annual basis. This figure reflects above all the drastic downsizing of Covid-19 related products, with Comirnaty and Paxlovid in sharp decline. Excluding these two drugs, however, the picture changes significantly: Operating revenue for the quarter grew by 9%, supported by vaccines like Abrysvo, oncology biosimilars, and established drugs like Eliquis, Prevnar, and Vyndaqel. This is a sign that the company's non-Covid portfolio continues to strengthen, although it's not enough to fully offset the decline in extraordinary revenues from previous years.
Accounting loss, but margins under control
On the profitability front, the quarter highlights a diluted loss per share of $0,29, a sharp decline compared to the profit recorded in the same period of the previous year. On the rectified front, however, earnings per share rose to $0,66, up 5% and above market expectations.
Looking ahead to 2025, annual revenues stood at $62,6 billion, down 2% from operating income, while adjusted diluted earnings per share reached $3,22.
Guidance 2026 confirmed
The group has financial forecasts for 2026 confirmed, indicating revenues between $59,5 billion and $62,5 billion and expected adjusted diluted earnings per share between $2,80 and $3,00. The estimates include approximately $5 billion in revenues from COVID-19 products and take into account a negative impact from the loss of exclusivity for some drugs.
The strategy remains focused on key therapeutic areas and pipeline expansion, with approximately 20 pivotal clinical trials expected to start this year, including those for ultra-long-acting anti-obesity drugs.
Pfizer shares down in pre-market
After the publication of the accounts, the market reaction It was immediate and negative. The Pfizer title falls sharply in the Wall Street premarketa drop of more than 4%, a sign of a cautious sentiment that prioritizes visibility on future revenues over the stability of adjusted earnings.
