Pfizer 8-K
EarningsGuidance reaffirmedImpairment / charge
Lower Comirnaty and Paxlovid sales outweighed growth elsewhere; FY2026 guidance reaffirmed despite pricing, tariff and exclusivity headwinds.
Filed 2026-02-03 07:01 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
FY2025 and Q4 results with FY2026 guidance reaffirmed. Revenue declined as lower Comirnaty and Paxlovid sales outweighed growth elsewhere; operational revenue excluding those products rose 6% for FY and 9% for Q4. The outlook includes ≈$5B in 2026 COVID-19 product revenue and an expected ≈$1.5B Y/Y revenue impact from loss of exclusivity, alongside unfavorable Most-Favored-Nation pricing, TrumpRx and tariffs.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Revenue | $17.6B | $17.8B | (1%) |
| Reported net income/(loss) attributable to Pfizer Inc. common shareholders | $(1.65)B | $410M | n/m |
| Adjusted income, non-GAAP | $3.79B | $3.59B | 5% |
| Reported diluted EPS/(LPS) | $(0.29) | $0.07 | n/m |
| Adjusted diluted EPS, non-GAAP | $0.66 | $0.63 | 5% |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Revenue | $62.6B | $63.6B | (2%) |
| Reported net income attributable to Pfizer Inc. common shareholders | $7.77B | $8.03B | (3%) |
| Adjusted income, non-GAAP | $18.4B | $17.7B | 4% |
| Reported diluted EPS | $1.36 | $1.41 | (3%) |
| Adjusted diluted EPS, non-GAAP | $3.22 | $3.11 | 4% |
- Revenue declines reflected lower COVID-19 product sales: Comirnaty fell 35% operationally in Q4 and 20% for FY; Paxlovid fell 70% and 59%, respectively. Growth in products including Abrysvo, Eliquis, the Vyndaqel family and oncology products partly offset the declines.
- Q4 reported results included $4.36B of non-cash intangible asset impairments; full-year impairments were $4.94B, primarily reflecting changed development plans and updated commercial forecasts.
- FY2025 shareholder returns included $9.8B in cash dividends ($1.72 per share); Pfizer made no share repurchases. Its remaining authorization was $3.3B as of 2/3/2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | FY2026 | $59.5B-$62.5B | — | Reaffirmed |
| Selling, informational and administrative expenses, adjusted | FY2026 | $12.5B-$13.5B | — | Reaffirmed |
| R&D expenses, adjusted | FY2026 | $10.5B-$11.5B | — | Reaffirmed |
| Effective tax rate on adjusted income | FY2026 | Approximately 15.0% | — | Reaffirmed |
| Diluted EPS, adjusted non-GAAP | FY2026 | $2.80-$3.00 | — | Reaffirmed |
Investor Takeaways
- Watch progress toward ≈20 planned key pivotal study starts in 2026, including ten trials for ultra-long-acting obesity assets acquired from Metsera.
- Pfizer expects to complete its sale of its 11.7% ViiV Healthcare stake for $1.875B cash in Q1 2026, subject to regulatory clearances.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3