01—Abstract
Summary
Summary of the 10-Q filed November 4, 2025. Cited figures are marked; the original filing is the authoritative source.
Pfizer Inc. reported a decrease in total revenues for the third quarter of 2025, down 6% to $16.7 billiona, primarily due to lower sales of Paxlovid and Comirnaty.
This decline was partially offset by growth in key products like Eliquis and the Vyndaqel family. Net income attributable to Pfizer Inc. common shareholders for the quarter was $3.54 billionb, a decrease from $4.47 billion in the prior year's third quarter, resulting in diluted EPS of $0.62 compared to $0.78. For the nine-month period ended September 28, 2025, total revenues also saw a slight decrease of 2% to $45.0 billion.
Net income attributable to common shareholders increased to $9.42 billionc from $7.62 billion in the prior year's nine-month period, with diluted EPS rising to $1.65 from $1.34. The company highlighted significant investments in R&D, including a $1.35 billion charge for an in-licensing agreement with 3SBio.
Pfizer is actively managing its cost base through realignment and manufacturing optimization programs, aiming for significant net cost savings. The company also announced a proposed acquisition of Metsera for approximately $4.9 billiond, subject to closing conditions.
02—Key points
Key Highlights
- Total revenues decreased by 6% to $16.7 billion in Q3 2025, primarily due to lower Paxlovid and Comirnaty sales, partially offset by growth in Eliquis and Vyndaqel family.
- Net income attributable to common shareholders decreased to $3.54 billion ($0.62/share) in Q3 2025, down from $4.47 billion ($0.78/share) in Q3 2024.
- For the first nine months of 2025, net income attributable to common shareholders increased to $9.42 billion ($1.65/share) from $7.62 billion ($1.34/share) in the same period of 2024.
- Acquired in-process R&D expenses significantly increased due to a $1.35 billion charge for an in-licensing agreement with 3SBio.
- Pfizer announced a proposed acquisition of Metsera for approximately $4.9 billion to bolster its obesity and cardiometabolic disease pipeline.
- Cost of sales decreased by 21% in Q3 2025, largely due to a favorable sales mix and lower amortization, contributing to improved gross margins.
- The company is executing cost realignment and manufacturing optimization programs expected to yield substantial net cost savings.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 4, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $16.65B$17.70B | −5.9% |
| Cost of Revenue | $4.17B$5.26B | −20.7% |
| Gross Profit | $12.48B$12.44B | +0.3% |
| SG&A Expenses | $3.19B$3.24B | −1.8% |
| Interest Expense | $652.00M$783.00M | −16.7% |
| Net Income | $3.54B$4.46B | −20.7% |
| EPS (Basic) | $0.62$0.79 | −21.5% |
| EPS (Diluted) | $0.62$0.78 | −20.5% |
| Shares Outstanding (Basic) | 5.68B5.67B | +0.3% |
| Shares Outstanding (Diluted) | 5.71B5.71B | +0.2% |
05—Questions
Frequently Asked Questions
What is the primary driver behind the decrease in total revenues for the third quarter of 2025?
The primary driver for the revenue decrease in the third quarter of 2025 was the decline in sales of Paxlovid and Comirnaty. This was attributed to lower COVID-19 infection rates impacting Paxlovid demand and a narrowed vaccine recommendation for Comirnaty in the U.S., reducing the eligible population.
What are the key growth drivers contributing to Pfizer's revenue?
Despite overall revenue decline, key products like Eliquis (nonvalvular atrial fibrillation, deep vein thrombosis, pulmonary embolism), the Vyndaqel family (ATTR-CM and polyneuropathy), and Nurtec ODT/Vydura (migraine) showed strong revenue growth, driven by increased demand and market share.
What significant strategic acquisitions or partnerships did Pfizer announce?
Pfizer announced a definitive agreement to acquire Metsera, a clinical-stage biopharmaceutical company focused on obesity and cardiometabolic diseases, for an enterprise value of approximately $4.9 billion. Additionally, the company entered into a significant in-licensing agreement with 3SBio for a bispecific antibody, incurring a $1.35 billion charge.
How is Pfizer managing its costs and operational efficiency?
Pfizer is actively implementing a multi-year, enterprise-wide cost realignment program and a manufacturing optimization program. These initiatives focus on enhancing digital enablement (including AI), simplifying business processes, and improving operational efficiencies, with the goal of achieving significant net cost savings.
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