Pfizer (PFE) shares fell in the premarket on Friday after the company reaffirmed its full-year outlook, indicating a revenue contraction for 2026 amid a nearly $1.5B impact attributed to some of its products facing loss of market exclusivity.
However, the New York-based pharma giant beat expectations with its Q4 2025 results, as its revenue and adjusted earnings per share for the quarter stood at $17.6B and $0.66, surpassing the consensus by $770M and $0.66, with ~1% YoY decline and ~5% YoY growth, respectively.
“With excellent execution in 2025, we delivered a solid financial performance and strengthened Pfizer’s foundation for future growth,” CEO Albert Bourla said, adding that the company expects to start as many as 20 key pivotal studies this year.
Pfizer (PFE) stated that, in addition to upcoming patent cliffs, its 2026 guidance of $2.80-$3.00 in adjusted EPS on $59.5B-$62.5B in revenue reflects an anticipated impact from currently imposed tariffs and approximately $2B in revenue from its COVID-19 products.
For 2025, the company recorded $3.22 of adjusted EPS on $62.6B in revenue, which indicated a ~4% YoY growth and ~2% YoY decline, respectively. The company attributed the revenue decline to lower demand for its COVID-19 products, Paxlovid and Comirnaty, sales of which fell ~70% and ~35% globally during Q4 on an operational basis, respectively.
However, Pfizer’s (PFE) RSV shot Abrysvo witnessed a ~136% rise in sales operationally, while its blood thinner Eliquis, marketed with Bristol Myers (BMY), generated $2.0B in sales with an ~8% YoY growth.
Meanwhile, cancer therapy Padcev indicated a 15% operational growth, and the company’s Prevnar family of vaccines added $1.7B, exceeding the $1.6B projected by analysts, according to Bloomberg data.
“I’m pleased with our solid financial results in 2025,” said CFO David Denton ahead of the earnings call at 10:00 AM ET. “With focused commercial execution, we delivered full-year operational revenue growth of 6% for our non-COVID portfolio, and our continued financial discipline drove strong EPS performance.”