Pfizer(US:PFE) Ping An Securities·2025-11-20 11:11Investment Rating - The industry investment rating is "Outperform" [31] Core Insights - Pfizer's Q3 2025 revenue decreased from $17.7 billion to $16.65 billion, a decline of 7% year-over-year, primarily due to reduced demand for COVID-19 products [3][10] - Despite the revenue drop, Pfizer raised its full-year profit forecast, driven by growth in non-COVID business segments [3] - Total revenue for the first three quarters of 2025 was $45.02 billion, down 2% year-over-year [3][10] Summary by Sections Part 1: Q3 2025 Financial Overview and Key Events - Pfizer's Q3 2025 reported net income was $3.54 billion, a 21% decrease from the previous year, while adjusted income was $4.95 billion, down 18% [7][10] - Key events included reaching an agreement with the U.S. government to alleviate tariff threats and a partnership with Metsera to enhance its presence in the obesity market [13][11] Part 2: Core Product Sales Analysis - The oncology segment is the fastest-growing among Pfizer's three business units, with Ibrance sales at $3.083 billion, down 6% year-over-year [20] - Nectin-4 ADC drug Padcev generated $464 million in Q3 2025, a 13% increase, and is established as a standard treatment for certain cancers [20][29] - Rare disease drug Vyndaqel series sales reached $1.591 billion, up 7%, benefiting from ongoing promotion in developed markets [20] Part 3: Future Pipeline Milestones - Pfizer anticipates one regulatory decision and two Phase III data readouts potentially delayed to 2026 [23][25] - The regulatory decision involves BRAFTOVI for treating BRAF V600E mutation metastatic colorectal cancer [25]