Core Insights - Pfizer reported third-quarter 2025 adjusted earnings per share (EPS) of 87 cents, exceeding the Zacks Consensus Estimate of 66 cents, but reflecting an 18% decline year over year [1] - Total revenues were $16.7 billion, down 6% from the previous year, primarily due to decreased sales from COVID-19 products, Comirnaty and Paxlovid, although it slightly beat the Zacks Consensus Estimate of $16.60 billion [2] Revenue Breakdown - International revenues increased by 2% on an operational basis to $5.96 billion, while U.S. revenues fell by 11% to $10.69 billion [2] - The Primary Care segment saw a 16% operational decline to $7.65 billion, while Specialty Care recorded a 1% increase to $4.41 billion, and Oncology sales rose by 4% to $4.25 billion [3] Product Performance - Eliquis sales rose by 22% to $2.02 billion, surpassing estimates, despite some price erosion in international markets [4] - Global Prevnar family revenues decreased by 4% to $1.74 billion, missing estimates, with U.S. sales down 12% but international sales up 17% [5] - Comirnaty sales were $1.15 billion, down 20% year over year, but still beat estimates [6] - Paxlovid revenues fell by 55% to $1.23 billion due to lower infection rates, although it exceeded estimates [7] - New product Abrysvo recorded sales of $279 million, down 22% year over year due to limited vaccination recommendations [8] Specialty Care and Oncology - Vyndaqel family revenues rose by 7% to $1.59 billion, driven by increased diagnosis and treatment rates, but missed estimates [9][10] - Ibrance revenues declined by 5% to $1.06 billion, beating estimates [11] - Among ADCs from the Seagen acquisition, Adcetris sales fell by 20% to $215 million, while Padcev rose by 13% to $464 million, missing estimates [12] Guidance and Outlook - Pfizer reaffirmed its 2025 revenue guidance of $61.0 billion to $64.0 billion and raised its adjusted EPS guidance to $3.00-$3.15 from $2.90-$3.10 [14] - Research and development expenses are projected to be between $10.0 billion and $11.0 billion, with an adjusted tax rate expected around 11% [15] Competitive Landscape - Pfizer is engaged in a competitive acquisition battle with Novo Nordisk for Metsera, with Pfizer's offer at approximately $4.9 billion and Novo Nordisk's unsolicited proposal at around $6.5 billion [18][19] - Pfizer has also signed a drug pricing agreement with the Trump administration, aiming to cut prescription drug prices in exchange for tariff exemptions [20]