Financial Performance - Full-Year 2025 revenues totaled $62.6 billion, reflecting a 2% year-over-year operational decline; excluding contributions from Paxlovid and Comirnaty, revenues grew 6% operationally[4] - Full-Year 2025 reported diluted EPS was $1.36, while adjusted diluted EPS was $3.22, representing a 3% decline year-over-year[4] - Fourth-Quarter 2025 revenues were $17.6 billion, a 3% year-over-year operational decline; excluding contributions from Paxlovid and Comirnaty, revenues grew 9% operationally[4] - Full-year 2025 total revenues were $62,579 million, down 2% from $63,627 million in 2024[35] - Fourth-quarter 2025 revenues totaled $15.141 billion, a decrease of 8% compared to the prior year, primarily due to a decline in COVID-19 product revenues[20] - Full-year 2025 net income attributable to Pfizer Inc. common shareholders was $7.771 billion, with an adjusted diluted EPS of $3.22, compared to $1.36 in 2024[46] - Net income attributable to Pfizer Inc. common shareholders for Q4 2025 was a loss of $1,648 million, compared to a profit of $410 million in Q4 2024[35] Revenue Guidance and Expectations - Pfizer reaffirms its full-year 2026 financial guidance, expecting revenues in the range of $59.5 to $62.5 billion and adjusted diluted EPS between $2.80 and $3.00[10] - The 2026 revenue guidance includes approximately $5 billion from COVID-19 products and anticipates a negative revenue impact of about $1.5 billion due to certain products losing exclusivity[10] - The anticipated unfavorable revenue impact due to generic and biosimilar competition is approximately $1.5 billion[30] Research and Development - Pfizer advanced 11 key pivotal study starts in 2025 and plans approximately 20 key pivotal study starts for 2026, focusing on key therapeutic areas[3] - In 2025, Pfizer invested $10.4 billion in internal research and development and approximately $8.8 billion in business development transactions, including the Metsera acquisition[11] - Fourth-quarter 2025 R&D expenses increased by 4% to $3.116 billion, driven by spending in oncology and obesity product candidates[19] - Research and development expenses for Q4 2025 were $3,206 million, an increase of 6% from $3,035 million in Q4 2024[35] Product Performance - Comirnaty and Paxlovid revenues declined significantly, down 35% and 70% operationally, respectively, due to lower COVID-19 infections and vaccination rates[16] - The operational decrease in full-year 2025 revenues was primarily driven by lower demand for Paxlovid and Comirnaty, partially offset by growth from products like Vyndaqel and Eliquis[21] - Fourth-quarter operational revenue reflected higher revenues for Abrysvo, up 136%, and oncology biosimilars, up 76%[14] - Eliquis revenue increased by 10% to $2,020 million in 2025, up from $1,832 million in 2024[53] - Specialty Care revenues rose by 8% to $4,771 million in 2025, compared to $4,438 million in 2024[53] - Oncology revenues increased by 9% to $4,435 million in 2025, up from $4,064 million in 2024[53] - Paxlovid sales significantly dropped to $2.362 billion, a 59% decrease from $5.716 billion in 2024[58] Shareholder Returns - The company returned $9.8 billion to shareholders through cash dividends, equating to $1.72 per share of common stock[11] Acquisitions and Collaborations - Pfizer completed the acquisition of Metsera for approximately $7.0 billion, enhancing its portfolio in obesity and cardiometabolic diseases[26] - Pfizer announced a global collaboration with YaoPharma for the development of YP05002, with an upfront payment of $150 million and potential milestone payments up to $1.935 billion[26] Tax and Financial Adjustments - The effective tax rate on adjusted income for the fourth quarter of 2025 was 23.3%, up from 18.9% in the prior year[19] - Pfizer's effective tax rate for full-year 2025 was 0.1%, a notable decrease from 4,220.5% in 2024, attributed to favorable changes in jurisdictional earnings mix and tax benefits[41] - The company recognized $4.363 billion in asset impairments in Q4 2025, significantly higher than the $2.946 billion in Q4 2024, primarily related to changes in development plans[41] Market Challenges and Risks - Competition from new product entrants, generic products, and biosimilars poses a significant challenge to the company's market position[62] - The company faces uncertainties regarding the demand for COVID-19 products, which may lead to reduced revenues and excess inventory[62] - Regulatory changes, including the Inflation Reduction Act of 2022, could impact drug pricing and reimbursement processes, affecting overall revenue[64] - The company is exposed to risks related to climate change, geopolitical instability, and potential disruptions from natural disasters[64] - Legal proceedings and regulatory evaluations may result in product recalls or withdrawals, impacting financial performance[64] - Fluctuations in interest rates and foreign currency exchange rates could affect financial results and operational costs[62] - Cybersecurity threats and potential disruptions to information technology systems pose risks to operational integrity[65]

Albert Bourla, CEO of Pfizer, speaking on Squawk on the Street at the World Economic Forum in Davos, Switzerland on Jan. 20, 2026.Pfizer on Tuesday reported fourth-quarter results that topped estimates even amid dwindling demand for its Covid products, while reaffirming its modest 2026 guidance that rattled investors in December.The pharmaceutical giant is looking to longer-term investments in its pipeline, including its $10 billion acquisition of the obesity biotech Metsera, to counter waning Covid product ...

Core Insights - Pfizer reported fourth-quarter profit exceeding Wall Street estimates, driven by sustained demand for older drugs like blood thinner Eliquis, which helped mitigate declining sales from COVID-related products [1] Financial Performance - The company’s fourth-quarter profit was above expectations, indicating strong performance in its traditional drug portfolio despite challenges in the COVID product segment [1]

Core Insights - Pfizer's experimental obesity drug demonstrated a weight loss of up to 12.3% in patients without diabetes during a mid-stage trial [1] Company Summary - The obesity drug was acquired through the Metsera deal, indicating Pfizer's strategic expansion into the obesity treatment market [1]

Core Insights - Pfizer reported solid financial results for the full year 2025, with revenues of $62.6 billion, reflecting a 2% year-over-year operational decline, but a 6% operational growth excluding COVID-19 product contributions [1][2] - The company reaffirmed its financial guidance for 2026, expecting revenues between $59.5 billion and $62.5 billion and adjusted diluted EPS in the range of $2.80 to $3.00 [1][2] - Pfizer's strategic focus includes approximately 20 key pivotal study starts planned for 2026, aimed at maximizing growth opportunities [1][2] Financial Performance - Full-year 2025 revenues were $62.6 billion, down from $63.6 billion in 2024, with a 2% operational decline [1][2] - Fourth-quarter 2025 revenues totaled $17.6 billion, a decrease of 1% compared to the prior year, with an operational decline of 3% [1][2] - Adjusted diluted EPS for 2025 was $3.22, reflecting a 4% increase from $3.11 in 2024 [1][2] Revenue Breakdown - The global biopharmaceuticals business saw a 2% decline in revenues for both the fourth quarter and full year [1][2] - Notable revenue growth was observed in products like Padcev (up 15%), Lorbrena (up 45%), and Abrysvo (up 136%) [1][2] - Significant declines were noted in Paxlovid (down 70%) and Comirnaty (down 35%) due to reduced COVID-19 infection rates and vaccination recommendations [1][2] Capital Allocation - In 2025, Pfizer invested approximately $8.8 billion in business development transactions and $10.4 billion in internal R&D projects [1][2] - The company returned $9.8 billion to shareholders through cash dividends, with no share repurchases completed in 2025 [1][2] - Pfizer's remaining share repurchase authorization as of February 3, 2026, is $3.3 billion, with no share repurchases anticipated in 2026 [1][2] Strategic Developments - Pfizer announced several key product developments, including positive Phase 3 results for Braftovi and Hympavzi, and advancements in its obesity treatment pipeline [2] - The company completed the acquisition of Metsera for approximately $7.0 billion, enhancing its portfolio in obesity and cardiometabolic diseases [2] - Pfizer also reached an agreement to exit its investment in ViiV Healthcare Limited for $1.875 billion [2]

Core Insights - Pfizer Inc. announced positive topline results from the Phase 2b VESPER-3 study for its GLP-1 receptor agonist PF'3944, focusing on monthly maintenance dosing for adults with obesity or overweight without type 2 diabetes [1] Group 1 - The study aimed to demonstrate that PF'3944 could achieve continued weight loss when switching from weekly to monthly subcutaneous injections [1]

ROMAINE: A BOUNCEBACK AND U.S. MANUFACTURING LEADS TO REBOUND IN U.S. EQUITIES. HERE AT BLOOMBERG HEADQUARTERS IN NEW YORK, I'M ROMAINE BOSTICK. KATIE: WE'RE KICKING YOU OFF TO THE CLOSING BELL HERE IN THE U.S., THE S&P 500 HEADING FOR RECORD HIGH.HIGHER BY ABOUT .5% RIGHT NOW. WE HAD U.S. ISM MANUFACTURING COME IN STRONG AS MORNING, YOU SEE THAT IN THE NASDAQ 100, GIVING A LIFT TO YIELDS. FOR KNOCKING ON THE DOOR OF 4.30%, THEN YOU LOOK AT THE DOLLAR, CONTINUING TO RALLY.BLOOMBERG DOLLAR SPOT INDEX HIGHER ...

Core Viewpoint - Sanofi has violated the UK pharmaceutical code of practice by making unsubstantiated claims regarding the effectiveness of its Beyfortus compared to Pfizer's RSV vaccine [1] Group 1: Company Actions - Sanofi's claims about Beyfortus being more effective than Pfizer's RSV vaccine have been deemed unsubstantiated by the industry's self-regulatory body [1] - The breach of the UK pharma code of practice indicates potential regulatory scrutiny and reputational risks for Sanofi [1] Group 2: Industry Implications - The incident highlights the importance of adhering to industry standards and regulations in pharmaceutical marketing [1] - This breach may lead to increased scrutiny of marketing practices across the pharmaceutical industry, particularly regarding comparative effectiveness claims [1]

Group 1 - Pfizer Inc. is set to release its fourth-quarter earnings results on February 3, with analysts expecting earnings of 57 cents per share, a decrease from 63 cents per share in the same period last year [1] - The consensus estimate for Pfizer's quarterly revenue is $16.83 billion, down from $17.76 billion a year earlier [1] Group 2 - Novavax, Inc. announced a license agreement with Pfizer for the use of its Matrix-M adjuvant on January 20 [2] - Following the announcement, Pfizer's shares increased by 1.4%, closing at $26.44 [2]

Company Overview - Pfizer is one of the world's largest pharmaceutical companies with a long history of innovation, operating in a capital-intensive industry that requires significant research and development spending [2] - The company faces a heavy regulatory burden as new drugs must prove both effective and safe before being sold [2] Competitive Landscape - Pfizer operates in a highly competitive environment with many industry giants striving to develop new drugs within the same treatment niches [3] - The costs associated with developing new drugs are prohibitive, leading to a limited period of exclusivity for new drugs once they are approved [3] Patent Challenges - Patent protections can lead to significant profits from blockbuster drugs, but the expiration of these patents can result in rapid declines in revenue as generic versions enter the market, known as a patent cliff [4] - Pfizer is currently facing approaching patent cliffs, which have contributed to a decline in stock value following the pandemic [5][6] Recent Developments - The company abandoned its internally developed GLP-1 weight loss drug, signaling potential weaknesses in its development pipeline and raising concerns about the lack of new blockbuster drugs to offset impending patent cliffs [6] - Despite these challenges, Pfizer has acquired a company with a promising GLP-1 drug pipeline and has agreed to distribute a GLP-1 therapy for a Chinese company pending approval [7] Financial Metrics - Pfizer's current market capitalization is $150 billion, with a current stock price of $26.44 and a gross margin of 69.12% [7] - The company offers a dividend yield of 6.51%, which is a result of a 100% dividend payout ratio, indicating that all profits are devoted to dividend payments [8] Investment Perspective - Pfizer is viewed as a turnaround story, potentially appealing to aggressive investors willing to adopt a long-term perspective [9] - The stock has risen nearly 20% since its 52-week low in early April, indicating growing investor interest in Pfizer's turnaround potential [10]