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]

All right, let's get an analyst take on this with this Eli Liy story and the future of the obesity drug market really hanging in the balance right now. David Risinger is a senior research analyst at Link Partners. He just, by the way, downgraded Eli Liy just today to a market perform from a prior outperform.He also lowered his price target from $944 down to $715. Two very significant and notable moves. David, uh, we just heard Angelica's report.It basically sets you up to take us into some more detail about ...