Pfizer (PFE) PFE quarter Financial Results Summary
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Pfizer Inc. (PFE) Q3 2025 Financial Results Summary
Pfizer Inc. (NYSE: PFE) reported its third-quarter financial results on November 4, 2025, reflecting a period of both challenges and strategic advancements.
Financial Highlights
- Total Revenues:
- Q3 2025: $16.7 billion
- Q3 2024: $17.7 billion
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Year-over-Year Change: -6% operational decline.
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Operational Revenue Growth:
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Non-COVID Portfolio: Increased by 4%, reflecting strengthened commercial execution.
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Reported Diluted EPS:
- Q3 2025: $0.62
- Q3 2024: $0.78
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Year-over-Year Change: -21%.
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Adjusted Diluted EPS:
- Q3 2025: $0.87
- Q3 2024: $1.06
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Year-over-Year Change: -18%.
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Cost Savings Initiatives:
- On track to deliver approximately $7.2 billion in net cost savings by the end of 2027.
Revenue Breakdown
- Global Biopharmaceuticals Business Revenue:
- Q3 2025: $16.3 billion
- Q3 2024: $17.4 billion
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Year-over-Year Change: -6% operational decline.
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Significant Growth in Key Products:
- Eliquis: Up 22% operationally.
- Vyndaqel Family: Up 7% operationally.
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Nurtec ODT/Vydura: Up 22% operationally.
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Declines in COVID-19 Products:
- Paxlovid: Down 55% due to lower COVID-19 infections and reduced international government purchases.
- Comirnaty: Down 20% driven by narrower vaccination recommendations.
Financial Guidance
- Full-Year 2025 Revenue Guidance: Affirmed in the range of $61.0 to $64.0 billion.
- Adjusted Diluted EPS Guidance: Raised and narrowed to $3.00 to $3.15 from a previous estimate of $2.90 to $3.10.
Cost Management
- Cost of Sales (Reported):
- Q3 2025: $4.2 billion
- Year-over-Year Change: -21%.
- Selling, Informational & Administrative (SI&A) Expenses: Down 2% operationally.
- Research and Development (R&D) Expenses: Reduced by 2% operationally.
Capital Allocation
- Dividends Paid:
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During the first nine months of 2025, Pfizer paid $7.3 billion in cash dividends, amounting to $1.29 per share.
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Share Repurchase Activity:
- No share repurchases were completed in 2025. Remaining share repurchase authorization is $3.3 billion, with no anticipated repurchases for the year.
Strategic Developments
- Acquisition of Metsera:
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Early clearance obtained from the FTC for the proposed acquisition, aimed at enhancing competitiveness in obesity treatments.
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Agreement with U.S. Government:
- A landmark agreement designed to provide greater pricing clarity and ensure comparable drug prices for Americans.
Conclusion
Despite a challenging environment with decreasing revenues from COVID-19-related products, Pfizer’s strategic actions and diversified portfolio continue to show growth in other areas. The reaffirmation of revenue guidance and succinct management of operating expenses highlights a focused approach toward sustained performance in the biopharmaceutical sector.
CONSOLIDATED STATEMENTS OF OPERATIONS (1)
| Third-Quarter 2025 | 2024 | % Incr. / (Decr.) | Nine Months 2025 | 2024 | % Incr. / (Decr.) | |
|---|---|---|---|---|---|---|
| **Revenues:** | ||||||
| Product revenues(2) | $13,920 | 15,417 | -10 | $37,168 | 38,731 | -4 |
| Alliance revenues | 2,298 | 1,900 | 21 | 6,684 | 6,140 | 9 |
| Royalty revenues | 436 | 384 | 13 | 1,170 | 992 | 18 |
| **Total revenues** | 16,654 | 17,702 | -6 | 45,022 | 45,864 | -2 |
| **Costs and expenses:** | ||||||
| Cost of sales(2), (3) | 4,172 | 5,263 | -21 | 10,795 | 11,942 | -10 |
| Selling, informational and administrative | 3,186 | 3,244 | -2 | 9,632 | 10,456 | -8 |
| Research and development expenses(3) | 2,546 | 2,598 | -2 | 7,231 | 7,787 | -7 |
| Acquired in-process research and development | 1,390 | 13 | * | 1,401 | 20 | * |
| Amortization of intangible assets | 1,223 | 1,312 | -7 | 3,644 | 3,927 | -7 |
| Restructuring charges and certain acquisition | 286 | 313 | -9 | 945 | 1,669 | -43 |
| related costs(5) | ||||||
| Other (income)/deductions––net(6) | 517 | 243 | * | 2,210 | 2,030 | 9 |
| Income from continuing operations before | 3,334 | 4,715 | -29 | 9,162 | 8,033 | 14 |
| provision/(benefit) for taxes on income | ||||||
| Provision/(benefit) for taxes on income(7) | -216 | 234 | * | -264 | 393 | * |
| Income from continuing operations | 3,550 | 4,481 | -21 | 9,427 | 7,640 | 23 |
| Discontinued operations––net of tax | — | -8 | -97 | 25 | 4 | * |
| Net income before allocation to | 3,550 | 4,473 | -21 | 9,452 | 7,644 | 24 |
| noncontrolling interests | ||||||
| Less: Net income attributable to | 9 | 8 | 13 | 33 | 23 | 45 |
| noncontrolling interests | ||||||
| **Net income attributable to Pfizer Inc.** | $3,541 | 4,465 | -21 | $9,419 | 7,621 | 24 |
| **Earnings per common share––basic:** | ||||||
| Income from continuing operations | $0.62 | 0.79 | -21 | $1.66 | 1.35 | 23 |
| attributable to Pfizer Inc. common | ||||||
| shareholders | ||||||
| Discontinued operations––net of tax | — | — | — | — | — | — |
| Net income attributable to Pfizer Inc. | $0.62 | 0.79 | -21 | $1.66 | 1.35 | 23 |
| common shareholders | ||||||
| **Earnings per common share––diluted:** | ||||||
| Income from continuing operations | $0.62 | 0.79 | -21 | $1.65 | 1.34 | 23 |
| attributable to Pfizer Inc. common | ||||||
| shareholders | ||||||
| Discontinued operations––net of tax | — | — | — | — | — | — |
| Net income attributable to Pfizer Inc. | $0.62 | 0.78 | -21 | $1.65 | 1.34 | 23 |
| common shareholders | ||||||
| **Weighted-average shares used to calculate | ||||||
| earnings per common share:** | ||||||
| Basic | 5,685 | 5,667 | 5,682 | 5,663 | ||
| Diluted | 5,714 | 5,705 | 5,710 | 5,699 |
- Indicates calculation not meaningful or results are greater than 100%.
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 28, 2025 | December 31, 2024 | % Incr. / (Decr.) | |
|---|---|---|---|
| **ASSETS** | |||
| Current Assets: | |||
| Cash and cash equivalents | $8,498 | $10,742 | -21 |
| Accounts receivable, net | 20,902 | 23,406 | -11 |
| Inventories | 5,548 | 5,828 | -5 |
| Other current assets | 3,145 | 3,065 | 3 |
| **Total Current Assets** | 38,093 | 42,041 | -9 |
| Property, plant and equipment, net | 9,104 | 9,372 | -3 |
| Operating lease right-of-use assets | 1,048 | 1,287 | -18 |
| Goodwill | 3,678 | 3,654 | 1 |
| Intangible assets, net | 11,431 | 11,825 | -3 |
| Other non-current assets | 2,824 | 2,728 | 4 |
| **Total Assets** | $66,178 | $70,907 | -7 |
| **LIABILITIES AND EQUITY** | |||
| Current Liabilities: | |||
| Current portion of long-term debt | 5,253 | 5,701 | -8 |
| Accounts payable | 9,921 | 10,693 | -7 |
| Accrued liabilities | 8,329 | 9,267 | -10 |
| Other current liabilities | 5,049 | 5,226 | -3 |
| **Total Current Liabilities** | 28,552 | 30,887 | -8 |
| Long-term debt, net | 19,450 | 20,219 | -4 |
| Other non-current liabilities | 2,525 | 2,802 | -10 |
| **Total Liabilities** | 50,527 | 53,908 | -6 |
| **Equity** | |||
| Common stock and additional paid-in | 6,455 | 6,305 | 2 |
| capital |