Pfizer Reports 2025 Financial Results and 2026 Guidance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Should l Buy PFE?
Source: Businesswire
- Solid Financial Performance: Pfizer reported total revenues of $62.58 billion for 2025, a 2% decrease year-over-year primarily due to declining COVID-19 product revenues; however, non-COVID product revenues grew by 6%, demonstrating resilience in its diversified product portfolio.
- Stable Earnings Per Share: The adjusted diluted EPS for 2025 was $3.22, reflecting a 4% increase, indicating the company's success in cost control and operational efficiency despite an overall revenue decline.
- Continued R&D Investment: Pfizer anticipates approximately 20 key pivotal study starts in 2026, maintaining strategic investments in R&D to drive future industry-leading growth, showcasing the company's strong commitment to innovation.
- Capital Allocation Strategy: Pfizer did not execute any share repurchases in 2025, retaining a $3.3 billion repurchase authorization, with plans to enhance long-term shareholder value through shareholder returns and business development transactions, reflecting its prudent capital management approach.
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Analyst Views on PFE
Wall Street analysts forecast PFE stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PFE is 28.56 USD with a low forecast of 24.00 USD and a high forecast of 35.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
16 Analyst Rating
5 Buy
11 Hold
0 Sell
Moderate Buy
Current: 26.440
Low
24.00
Averages
28.56
High
35.00
Current: 26.440
Low
24.00
Averages
28.56
High
35.00
About PFE
Pfizer Inc. is a research-based, global biopharmaceutical company. The Company is engaged in the discovery, development, manufacture, marketing, sale and distribution of biopharmaceutical products worldwide. Its Biopharma segment includes the Pfizer U.S. Commercial Division, and the Pfizer International Commercial Division. Its product categories include oncology, primary care and specialty care. Its oncology products include Ibrance, Xtandi, Padcev, Adcetris, Inlyta, Lorbrena, Bosulif, Tukysa, Braftovi, Mektovi, Orgovyx, Elrexfio, Tivdak and Talzenna. Its primary care products include Eliquis, Nurtec ODT/Vydura, Zavzpret, the Prevnar family, Comirnaty, Abrysvo, FSME/IMMUN-TicoVac, Nimenrix, Trumenba, and Paxlovid. Its specialty care products include Xeljanz, Enbrel (outside the United States and Canada), Inflectra, Abrilada, Cibinqo, Litfulo, Eucrisa, Velsipity, the Vyndaqel family, Genotropin, BeneFIX, Xyntha, Somavert, Ngenla, Hympavzi, Sulperazon, Zavicefta, Octagam and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Obesity Therapy Progress: Pfizer's obesity treatment demonstrated up to 12% weight loss in mid-stage studies, which could support future market launches, yet potential side effects and competitive pressures remain concerns.
- Market Risk Warning: Analysts caution that despite Pfizer's promising drug developments, current high yields may mask underlying legal and regulatory risks, urging investors to proceed with caution.
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- Innovative Dosing Frequency: Administered once a month, the injection's weight loss efficacy appears comparable to existing weekly injections, potentially providing Pfizer with a competitive edge in a market dominated by Eli Lilly and Novo Nordisk.
- Clinical Trial Plans: Pfizer intends to advance 10 phase three trials for the drug PF'3944 this year, aiming to further validate its efficacy and expedite market entry, particularly in light of strong competition from Eli Lilly and Novo Nordisk.
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- Obesity Therapy Progress: Pfizer's obesity treatment demonstrated up to 12% weight loss in mid-stage studies, which could support future market launches, yet potential side effects and competitive pressures remain concerns.
- Market Risk Warning: Analysts caution that despite Pfizer's promising drug developments, current high yields may mask underlying legal and regulatory risks, urging investors to proceed with caution.
- Strategic Transition Phase: Pfizer is undergoing a critical strategic transition, where new product lines show growth potential, but the overall market uncertainty could impact its long-term outlook.
See More
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- 2025 Financial Performance: Pfizer's Q4 2025 revenue reached $17.6 billion with adjusted EPS of $0.66, exceeding market expectations by $770 million, despite a ~1% YoY revenue decline, showcasing the company's excellent execution capabilities.
- 2026 Outlook: The company anticipates adjusted EPS of $2.80 to $3.00 for 2026, with revenue projected between $59.5 billion and $62.5 billion, reflecting challenges from loss of market exclusivity and tariffs, while expecting about $5 billion from COVID-19 products, indicating future hurdles.
- Sales Dynamics: Despite a ~70% and ~35% decline in sales for COVID-19 products Paxlovid and Comirnaty, respectively, Pfizer's RSV vaccine Abrysvo saw a ~136% sales increase, and blood thinner Eliquis generated $2.0 billion in sales with an ~8% YoY growth, highlighting strong performance in non-COVID products.
- Non-COVID Growth: Pfizer achieved a 6% full-year operational revenue growth for its non-COVID portfolio in 2025, with cancer therapy Padcev and the Prevnar vaccine series showing 15% growth and exceeding $1.6 billion in sales, respectively, reflecting the success of the company's diversification strategy.
See More
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- Merck's Cautious Outlook: Merck forecasts 2026 revenue between $65.5 billion and $67 billion, falling short of the $67.6 billion expected by analysts, as the company faces patent expirations and competition from generics, leading to a 1% drop in shares.
- PepsiCo's Mixed Results: PepsiCo reported Q4 earnings and revenue that beat analyst expectations; however, shares fell about 1% due to declining volumes, reflecting market concerns about future growth prospects.
- Pfizer's Modest Outlook: Despite reaffirming a modest outlook and beating quarterly earnings and revenue expectations, Pfizer's shares dipped 1%, indicating market caution regarding its future growth trajectory.
See More
Pfizer's Experimental Obesity Drug Shows Promising Results
- Significant Weight Loss: Pfizer's experimental obesity drug, acquired through Metsera, demonstrated an average weight loss of up to 12.3% in patients over 28 weeks in a mid-stage trial, indicating its competitive efficacy in the obesity treatment market.
- Dosing Frequency Advantage: The absence of a plateau in weight loss after transitioning to monthly dosing suggests that patients may continue to lose weight as the study progresses to week 64, providing Pfizer a strategic edge in the competitive obesity drug landscape.
- Future Trial Plans: Pfizer intends to advance 10 phase three trials for the PF'3944 drug this year, with modeling predicting that a higher monthly dose could achieve a 16% weight loss at week 28, further validating its effectiveness.
- Good Tolerability: The drug was generally well tolerated, with most gastrointestinal side effects reported as mild or moderate, and no new safety issues identified, highlighting its potential as an ultra-long-acting GLP-1 drug.
See More
Pfizer Reports Q4 Results Exceeding Expectations Amid Cautious 2026 Outlook
- Earnings Beat: Pfizer reported Q4 earnings per share of 66 cents, surpassing the expected 57 cents, despite revenue of $17.56 billion declining approximately 1% year-over-year due to reduced demand for Covid vaccines and Paxlovid, indicating the company's resilience in challenging market conditions.
- Acquisition Strategy: The $10 billion acquisition of obesity biotech Metsera aims to offset declining Covid product sales, with preliminary data showing that Metsera's obesity injection can drive significant weight loss with monthly administration, highlighting potential future market opportunities.
- Cost-Cutting Initiatives: Pfizer plans to cut costs by about $7.7 billion by the end of 2027 through two separate initiatives, which will enhance overall operational efficiency and strengthen financial stability to navigate future market challenges.
- Drug Pricing Agreement: The pricing agreement with the Trump administration will require Pfizer to offer deeper discounts in its Medicaid business, expected to compress profits in 2026, but the company will gain a three-year exemption from tariffs, demonstrating its adaptability to changing policy environments.
See More
Pfizer's Experimental Obesity Drug Shows Promising Results
- Significant Weight Loss: Pfizer's experimental obesity drug, acquired through Metsera, demonstrated a weight loss of up to 12.3% in patients at week 28 of a mid-stage trial, showing a notable advantage over the placebo group and indicating the drug's potential in weight management.
- Innovative Dosing Frequency: Administered once a month, the injection's weight loss efficacy appears comparable to existing weekly injections, potentially providing Pfizer with a competitive edge in a market dominated by Eli Lilly and Novo Nordisk.
- Clinical Trial Plans: Pfizer intends to advance 10 phase three trials for the drug PF'3944 this year, aiming to further validate its efficacy and expedite market entry, particularly in light of strong competition from Eli Lilly and Novo Nordisk.
- No Plateau Observed: The trial results indicated no plateau in efficacy when patients transitioned from weekly to monthly dosing, further supporting the drug's potential as a monthly treatment option, which could reshape the landscape of obesity treatment.
See More
