Pfizer cuts 2025 sales outlook, issues 2026 guidance

Pfizer (NYSE:PFE) lowered its 2025 revenue forecast and issued new financial guidance for 2026, projecting modest growth outside of COVID-19 and loss-of-exclusivity products as the drugmaker works through declining pandemic demand and the impact of patent expirations.

The company now expects 2025 revenue of roughly $62 billion, narrowing and trimming the prior $61 billion to $64 billion range.

For 2026, Pfizer anticipates total revenue between $59.5 billion and $62.5 billion.

The outlook reflects an expected $1.5 billion decline in sales from its COVID portfolio compared with 2025 and an additional $1.5 billion headwind from products losing exclusivity.

Excluding these categories, Pfizer said operational revenue growth at the midpoint should be about 4 percent year over year.

The company also provided expense outlooks tied to its ongoing cost realignment initiative.

Adjusted SI&A spending in 2026 is projected between $12.5 billion and $13.5 billion, while adjusted R&D investment is expected to range from $10.5 billion to $11.5 billion.

Pfizer said development priorities include the advancement of PF-08634404, a PD-1 x VEGF bispecific antibody licensed from 3SBio, alongside multiple clinical programs from Metsera.

Combined adjusted SI&A and R&D costs for 2026 are forecast between $23 billion and $25 billion.

Adjusted diluted earnings per share for 2026 are projected in a range of $2.80 to $3.00.

Pfizer said the EPS guidance reflects anticipated revenue trends, stable margins relative to 2025 expectations, and a higher projected tax rate on adjusted income.