01—Abstract
Summary
Summary of the 8-K filed February 3, 2026. Cited figures are marked; the original filing is the authoritative source.
Pfizer reported fourth-quarter and full-year 2025 results on February 3, 2026, with full-year revenues of $62.6 billiona, down 2% reported and operationally, but up 6% operationally excluding Paxlovid and Comirnaty.
Full-year reported diluted EPS was $1.36b, versus $1.41 in 2024, while adjusted diluted EPS rose 4% to $3.22. Fourth-quarter reported results were a loss of $(0.29) per share, driven largely by $4.4 billion of non-cash intangible asset impairments (including about $3.6 billion of IPR&D, such as $1.6 billion for disitamab vedotin), while adjusted diluted EPS grew 5% to $0.66 and fourth-quarter revenues fell 1% to $17.6 billion. Management reaffirmed 2026 guidance of $59.5 to $62.5 billion in revenues and $2.80 to $3.00 in adjusted diluted EPS.
The guidance embeds roughly $5 billionc of COVID-19 product revenue, a roughly $1.5 billion headwind from loss of exclusivity, and the anticipated impact of Most-Favored-Nation pricing and TrumpRx. No share repurchases are assumed for 2026, and none were made in 2025, leaving $3.3 billion of authorization remaining. Dividends totaled $9.8 billion, or $1.72 per share, in 2025.
The filing highlights a heavy investment phase: $8.8 billiond in business development in 2025, mainly the Metsera acquisition and the 3SBio in-license, and about 20 planned key pivotal study starts in 2026. Investors will weigh these pipeline and obesity bets against near-term earnings pressure, the rising impairment charges, and the $1.875 billion cash exit from the ViiV stake expected in Q1 2026.
02—Key points
Key Highlights
- FY2025 revenues of $62.6B (-2% reported, -2% operational); ex-Paxlovid and Comirnaty, operational growth was 6%
- FY2025 adjusted diluted EPS of $3.22 (+4%); reported diluted EPS of $1.36 (-3%)
- Q4 2025 reported loss of $(0.29) per share driven by $4.4B in non-cash intangible asset impairments; Q4 adjusted EPS of $0.66 (+5%)
- 2026 guidance reaffirmed: revenues $59.5–62.5B and adjusted diluted EPS $2.80–3.00, including ~$5B COVID-19 revenue and ~$1.5B LOE headwind
- Capital returns: $9.8B in dividends ($1.72/share) in 2025; no buybacks in 2025 or assumed for 2026; $3.3B buyback authorization remaining
- Pipeline push: ~20 key pivotal study starts planned for 2026, including ten obesity trials for Metsera assets and four for the 3SBio PD-1xVEGF bispecific
- Exit from ViiV Healthcare stake for $1.875B in cash, expected to close in Q1 2026
03—Questions
Frequently Asked Questions
Why did Pfizer report a fourth-quarter loss when adjusted EPS was positive?
The Q4 2025 reported loss of $(0.29) per share reflects $4.4 billion in non-cash intangible asset impairments from changed development plans and lower long-range commercial forecasts, including about $3.6 billion on IPR&D assets. Pfizer's adjusted EPS of $0.66 excludes these items, amortization, and certain acquisition-related costs, so the two measures differ substantially in this quarter.
Is Pfizer's 2026 guidance changed from the December 2025 outlook?
No. Pfizer reaffirmed all components of its 2026 guidance, including revenues of $59.5–62.5 billion and adjusted diluted EPS of $2.80–3.00, which were first provided on December 16, 2025. The guidance does not assume completion of any business development deals not closed as of February 3, 2026.
How much of Pfizer's revenue decline comes from COVID-19 products?
COVID-19 products drove most of the decline. Paxlovid fell 59% and Comirnaty fell 18% in full-year 2025, so excluding these two products, revenues grew 6% operationally. Pfizer expects roughly $5 billion of COVID-19 revenue in 2026.
Will Pfizer resume share buybacks?
Not in the near term. Pfizer made no repurchases in 2025, and its 2026 guidance assumes none. It has $3.3 billion of authorization remaining and says it could resume value-enhancing buybacks in the future, while prioritizing dividends, reinvestment in the business, and gradual deleveraging.
What are the main growth drivers and risks to watch?
Growth drivers include Vyndaqel family, Eliquis, Padcev, Lorbrena, Abrysvo, and oncology biosimilars, with the obesity pipeline from Metsera also central to long-term plans. Key risks include about $1.5 billion of loss-of-exclusivity erosion in 2026, Most-Favored-Nation and TrumpRx pricing impacts, tariffs, further impairment charges, and the execution of roughly 20 pivotal study starts.
04—Continue