Pfizer (NYSE:PFE) reported fourth-quarter and full-year 2025 results on Tuesday, February 3, 2026, signaling a definitive shift away from its pandemic-era reliance.
While total annual revenue fell 2% to $62.6 billion due to the anticipated cooling of the COVID-19 franchise, the company’s core non-COVID portfolio surged 6% operationally for the year.
The fourth quarter underscored this transition, as non-COVID revenue jumped 9%, helping to offset a reported quarterly loss of $0.29 per share driven by one-time realignment charges.
The New York-based drugmaker’s "Star" products—excluding the Comirnaty vaccine and Paxlovid—drove the momentum, with the Vyndaqel family and the newly integrated Seagen oncology portfolio providing a critical buffer.
Adjusted full-year earnings reached $3.22 per share, meeting the high end of previous internal targets.
Management confirmed it remains on track to deliver $7.2 billion in total net cost savings by the end of 2026, a restructuring effort that is central to protecting margins as several older blockbusters face patent expirations.
Looking ahead, Pfizer reaffirmed its 2026 guidance, projecting revenues between $59.5 billion and $62.5 billion.
The outlook incorporates a $1.5 billion year-over-year revenue hit from loss of exclusivity (LOE) on certain legacy products and a further $1.5 billion decline in COVID-related sales.
Adjusted EPS is expected to range from $2.80 to $3, reflecting a higher anticipated tax rate and continued heavy investment in its PD-1 x VEGF oncology candidate and the Metsera metabolic portfolio.