- 3SBio (TRSBF) Expected to Announce Earnings on Monday
Mar 23, 2026 · defenseworld.net
3SBio (OTCMKTS:TRSBF - Get Free Report) is projected to issue its results before the market opens on Monday, March 30th. Analysts expect the company to announce earnings of $0.5160 per share and revenue of $1.9761 billion for the quarter. 3SBio Price Performance Shares of OTCMKTS TRSBF opened at $2.58 on Monday. 3SBio has a twelve
- 3SBio (SEHK:1530) Valuation Check After Recent Share Price Weakness
Feb 12, 2026
Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.
Why 3SBio Is On Investors’ Radar Today
3SBio (SEHK:1530) has caught attention after a stretch of mixed share performance, with a 1 day decline and weaker moves over the past month and past 3 months prompting a closer look at fundamentals.
See our latest analysis for 3SBio.
The 1 day share price return of a 2.82% decline comes on the back of a 30 day share price return of a 17.23% decline and a 90 day share price return of a 31.82% decline, even though the 1 year total shareholder return sits at roughly 2.7x. This suggests long term holders have still seen very strong gains despite recently fading momentum.
If you are reassessing your exposure to healthcare names after this move, it may be a time to look at our screener of healthcare focused AI opportunities through 106 healthcare AI stocks as a way to surface other ideas.
With 3SBio trading below some valuation estimates and recent revenue and net income growth data looking softer, the key question is whether current weakness signals an undervalued healthcare name or a market that already reflects its future growth.
Preferred P/E of 21.9x: Is it justified?
3SBio's P/E of 21.9x sits well below both its peer group and the wider Asian biotechs, which immediately stands out given the recent share price pullback.
P/E compares the current share price to earnings per share, so you are effectively seeing how much investors are paying today for each unit of profit. For a biopharmaceutical group with HK$2,358.6m in net income and high quality earnings, this yardstick helps you judge whether the market is putting a rich or modest tag on those profits.
Here, 3SBio is described as good value on a P/E basis versus its direct peers, with its 21.9x multiple sitting against a peer average of 83.5x. It is also framed as good value versus the broader Asian biotechs industry, where the average is 42x. At the same time, the shares are flagged as expensive relative to an estimated fair P/E of 18.8x. This indicates a level the market could move toward if sentiment cools or earnings expectations reset.
Overall, the comparison suggests the stock trades at a discount to sector and peer valuations, while still carrying a premium to the internally estimated fair P/E that some investors may watch closely over time.
Explore the SWS fair ratio for 3SBio
Result: Price-to-earnings of 21.9x (UNDERVALUED)
However, softer annual revenue and net income growth, along with a 31.82% 90-day share price decline, could signal pressure on the current valuation story.
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Find out about the key risks to this 3SBio narrative.
Another View: Cash Flows Paint An Even Cheaper Picture
While the 21.9x P/E points to value against peers, our DCF model suggests 3SBio at HK$23.44 is trading well below an estimated future cash flow value of HK$54.37. That gap highlights a wider margin between price and fundamentals. Which side of the story do you trust more?
Look into how the SWS DCF model arrives at its fair value.1530 Discounted Cash Flow as at Feb 2026
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out 3SBio for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 227 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.
Build Your Own 3SBio Narrative
If parts of this story do not quite fit with how you see 3SBio, you can dig into the numbers yourself and shape a view in just a few minutes, then put your own version together with Do it your way.
A great starting point for your 3SBio research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include 1530.HK.
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- Pfizer Reports Solid Full-Year 2025 Results And Reaffirms 2026 Guidance
Feb 3, 2026
Focused Execution Drives Strong Full-Year 2025 EPS Performance Enters 2026 with Clear Strategic Priorities and Growing Late-Stage Pipeline Advanced 11 Key Pivotal Study Starts in 2025 and ~20 Key Pivotal Study Starts Planned for 2026
NEW YORK, February 03, 2026--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) reported financial results for fourth-quarter and full-year 2025 and reaffirmed its full-year 2026 financial guidance(1) provided on December 16, 2025.
EXECUTIVE COMMENTARY
Dr. Albert Bourla, Chairman and CEO of Pfizer:
"With excellent execution in 2025, we delivered a solid financial performance and strengthened Pfizer’s foundation for future growth. Looking ahead, 2026 will be an important year rich in key catalysts, including our expectation for approximately 20 key pivotal study starts, and continued strategic investment to maximize our opportunities for industry-leading growth at the end of the decade."
David Denton, CFO and EVP of Pfizer:
"I’m pleased with our solid financial results in 2025. With focused commercial execution, we delivered full-year operational revenue growth of 6% for our non-COVID portfolio, and our continued financial discipline drove strong EPS performance. Today, we are reaffirming our full-year 2026 financial guidance."
OVERALL RESULTS
Full-Year 2025 Revenues of $62.6 Billion, Reflecting a 2% Year-over-Year Operational Decline
Excluding Contributions from Paxlovid and Comirnaty, Revenues Grew 6% Operationally Full-Year 2025 Reported(2) Diluted EPS of $1.36 and Adjusted(3) Diluted EPS of $3.22 Fourth-Quarter 2025 Revenues of $17.6 Billion, Representing a 3% Year-over-Year Operational Decline
Excluding Contributions from Paxlovid and Comirnaty, Revenues Grew 9% Operationally Fourth-Quarter 2025 Reported(2) Diluted Loss Per Share (LPS) of $(0.29) and Adjusted(3) Diluted EPS of $0.66 Reaffirms All Components of Full-Year 2026 Financial Guidance(1), including Revenues in a Range of $59.5 to $62.5 Billion and Adjusted(3) Diluted EPS in a Range of $2.80 to $3.00
Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates(4).
Results for the fourth quarter and full year of 2025 and 2024(5) are summarized below.
($ in millions, except per share amounts) Fourth-Quarter Full-Year 2025 2024 % Change 2025 2024 % Change Revenues $ 17,557 $ 17,763 (1 %) $ 62,579 $ 63,627 (2 %) Reported(2) Net Income/(Loss) (1,648 ) 410 * 7,771 8,031 (3 %) Reported(2) Diluted EPS/(LPS) (0.29 ) 0.07 * 1.36 1.41 (3 %) Adjusted(3) Income 3,786 3,592 5 % 18,406 17,716 4 % Adjusted(3) Diluted EPS 0.66 0.63 5 % 3.22 3.11 4 % * Indicates calculation not meaningful or results are greater than 100%.
REVENUES
($ in millions) Fourth-Quarter Full-Year 2025 2024 % Change 2025 2024 % Change Total Oper. Total Oper. Global Biopharmaceuticals Business (Biopharma) $ 17,144 $ 17,413 (2 %) (3 %) $ 61,199 $ 62,400 (2 %) (2 %) Pfizer CentreOne (PC1) 409 325 26 % 22 % 1,338 1,146 17 % 15 % Pfizer Ignite 4 26 (83 %) (83 %) 41 82 (50 %) (50 %) TOTAL REVENUES $ 17,557 $ 17,763 (1 %) (3 %) $ 62,579 $ 63,627 (2 %) (2 %)
2026 FINANCIAL GUIDANCE(1)
Reaffirms full-year 2026 Revenue guidance in a range of $59.5 to $62.5 billion and Adjusted(3) diluted EPS guidance(1) in a range of $2.80 to $3.00. The reaffirmed 2026 Revenue guidance reflects the expectation of approximately $5 billion in revenues from our COVID-19 products and an expected year-over-year negative revenue impact of approximately $1.5 billion due to certain products experiencing loss of exclusivity (LOE)(1). 2026 Adjusted(3) diluted EPS guidance primarily reflects our expected revenues, anticipated stable gross and operating margins versus full-year 2025, and an anticipated higher tax rate on Adjusted(3) income versus full-year 2025. Additionally, our guidance reflects our expectation for a continued focus on prioritization in key therapeutic areas as well as our plan to start approximately 20 key pivotal trials in 2026, including ten pivotal trials for ultra-long-acting obesity assets acquired from Metsera and four pivotal trials for PF-08634404 (a PD-1 x VEGF bispecific antibody in-licensed from 3SBio). The company’s guidance reflects the anticipated unfavorable impact of Most-Favored-Nation drug pricing and TrumpRx. The company’s guidance includes the anticipated impact of currently imposed tariffs.
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Revenues $59.5 to $62.5 billion Adjusted(3) SI&A Expenses $12.5 to $13.5 billion Adjusted(3) R&D Expenses $10.5 to $11.5 billion Effective Tax Rate on Adjusted(3) Income Approximately 15.0% Adjusted(3) Diluted EPS $2.80 to $3.00
CAPITAL ALLOCATION
In 2025, Pfizer deployed its capital in a variety of ways, which primarily included:
Reinvesting capital into initiatives intended to enhance the future growth prospects of the company, including:
$10.4 billion invested in internal research and development projects, and Approximately $8.8 billion invested in business development transactions, primarily reflecting the Metsera acquisition and the 3SBio in-licensing deal. Returning capital directly to shareholders through $9.8 billion of cash dividends, or $1.72 per share of common stock.
Our capital allocation framework is designed to enhance long-term shareholder value, and is based on three core pillars: (i) maintaining and, over the long term, growing our dividend, (ii) reinvesting in the business, including maintaining the flexibility to deploy capital towards potential value-creating business development transactions, and (iii) in the future, the potential to resume the return of capital to shareholders through value-enhancing share repurchases. The company expects to continue to de-lever over the longer term in a prudent manner in order to maintain a balanced capital allocation strategy.
No share repurchases were completed in 2025. As of February 3, 2026, Pfizer’s remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any share repurchases in 2026.
For the fourth quarter of 2025, basic weighted-average shares outstanding of 5,686 million were used to calculate Reported(2) LPS and diluted weighted-average shares outstanding of 5,722 million were used to calculate Adjusted(3) diluted EPS.
QUARTERLY FINANCIAL HIGHLIGHTS (Fourth-Quarter 2025 vs. Fourth-Quarter 2024)
Fourth-quarter 2025 revenues totaled $17.6 billion, a decrease of $206 million, or 1%, compared to the prior-year quarter, reflecting an operational decrease of $484 million, or 3%, and a favorable impact of foreign exchange of $278 million. The operational decrease was primarily driven by a year-over-year decline in COVID-19 product revenues, partially offset by an increase in revenues for Abrysvo, Oncology biosimilars, Eliquis, the Prevnar family, the Vyndaqel family, and several other products across categories. Excluding contributions from Comirnaty and Paxlovid, revenues for the fourth quarter grew 9% operationally.
Fourth-quarter 2025 operational revenue reflected higher revenues primarily for:
Abrysvo globally, up 136% (or up $270 million) operationally, driven primarily by launch uptake for both the adult and maternal indications in certain international markets, as well as favorable net price and market share for the adult indication in the U.S.; partially offset by lower vaccination rates for the older adult indication in the U.S. following an updated recommendation by the Advisory Committee on Immunization Practices; Oncology biosimilars globally, up 76% operationally, driven primarily by favorable net price in the U.S.; Eliquis globally, up 8% operationally, driven primarily by higher demand globally and, as anticipated, favorable net price in the U.S. as a result of the year-over-year impact of the elimination of the coverage gap as part of the IRA Medicare Part D Redesign; partially offset by a reduction in sales due to lower inventory in the U.S. distribution channel related to year-end buying patterns, as well as generic entry and price erosion in certain international markets; Prevnar family globally, up 8% operationally, driven primarily by strong uptake of the adult indication in certain international markets, coupled with continued uptake of the adult indication in the U.S. as a result of strong demand following the U.S. Centers for Disease Control and Prevention (CDC) recommendation for ages 50-64; partially offset by lower market share in the U.S. and timing of shipments in certain international markets; Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up 7% operationally, driven largely by strong demand with continuing uptake in patient diagnosis primarily in the U.S. and certain international developed markets, as well as improved patient affordability in the U.S.; partially offset by lower net price in the U.S. due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D Redesign and, to a lesser extent, new payer contracts with reduced pricing; Lorbrena globally, up 45% operationally, driven primarily by increased patient share in the first-line ALK-positive metastatic non-small cell lung cancer (ALK+ mNSCLC) treatment setting in the U.S., China, and certain other international markets, partially offset by lower net price in the U.S. mainly due to the impact of higher manufacturer discounts resulting from the IRA Medicare Part D redesign; and Padcev globally, up 15% operationally, driven primarily by increased market share in first-line locally advanced or metastatic urothelial cancer (la/mUC);
more than offset primarily by lower revenues for:
Comirnaty globally, down 35% operationally, driven primarily by a decline in international markets from both lower contractual deliveries and lower vaccination rates in commercial markets, as well as lower utilization in the U.S. resulting from a narrower recommendation for vaccination; and Paxlovid globally, down 70% operationally, driven primarily by lower COVID-19 infections across U.S. and international markets and lower international government purchases; partially offset by higher net price in the U.S. following transition from the U.S. government agreement.
GAAP Reported(2) Statement of Operations Highlights
SELECTED REPORTED(2) COSTS AND EXPENSES
($ in millions) Fourth-Quarter Full-Year 2025 2024 % Change 2025 2024 % Change Total Oper. Total Oper. Cost of Sales(2) $ 5,272 $ 5,909 (11 %) (14 %) $ 16,067 $ 17,851 (10 %) (12 %) Percent of Revenues 30.0 % 33.3 % N/A N/A 25.7 % 28.1 % N/A N/A SI&A Expenses(2) 4,162 4,274 (3 %) (3 %) 13,794 14,730 (6 %) (7 %) R&D Expenses(2) 3,206 3,035 6 % 5 % 10,437 10,822 (4 %) (4 %) Acquired IPR&D Expenses(2) 212 88 * * 1,613 108 * * Other (Income)/Deductions—net(2) 4,514 2,358 91 % 94 % 6,724 4,388 53 % 55 % Effective Tax Rate on Reported(2) Income/(Loss) 0.1 % * (3.5 %) (0.4 %) * Indicates calculation not meaningful or results are greater than 100%.
Fourth-quarter 2025 Cost of Sales(2) as a percentage of revenues decreased by 3.2 percentage points compared to the prior-year quarter, primarily driven by (i) a favorable change in sales mix including lower sales of Comirnaty, and (ii) lower amortization from the step-up of acquired inventory; partially offset by (iii) an unfavorable impact of foreign exchange and (iv) a lower favorable revision of our estimate of accrued royalties in the fourth quarter of 2025 compared to the prior-year quarter.
Fourth-quarter 2025 SI&A Expenses(2) decreased 3% operationally compared to the prior-year quarter, primarily reflecting focused investments and ongoing productivity improvements that drove a decrease in marketing and promotional spend for various products and lower spending in corporate enabling functions, partially offset by an increase in liabilities payable to participants of our supplemental savings plan.
Fourth-quarter 2025 R&D Expenses(2) increased 5% operationally compared to the prior-year quarter, driven primarily by an increase in spending in oncology and obesity product candidates, partially offset by a net decrease in spending due to pipeline focus and optimization including the expansion of our digital capabilities.
Fourth-quarter 2025 Acquired In-Process R&D Expenses(2) increased $124 million compared to the prior-year quarter, driven primarily by a $150 million charge related to an in-licensing agreement with YaoPharma.
The unfavorable period-over-period change in Other (income)/deductions—net(2) of $2.2 billion for the fourth quarter of 2025, compared to the prior-year quarter, was driven primarily by (i) higher intangible asset impairment charges in the fourth quarter of 2025, (ii) lower net gains on equity securities and (iii) the non-recurrence of gains on the partial sale of our previous investment in Haleon plc (Haleon) equity in the fourth quarter of 2024; partially offset by (iv) net periodic benefit credits associated with pension and postretirement plans incurred in the fourth quarter of 2025 versus net periodic benefit costs incurred in the fourth quarter of 2024. Included in Other (income)/deductions—net(2) are total non-cash intangible asset impairment charges of $4.4 billion that were taken in the fourth quarter of 2025 due to changes in development plans and updated long-range commercial forecasts.
Pfizer’s effective tax rate on Reported(2) loss for the fourth quarter of 2025 reflects the jurisdictional mix of earnings as well as resolutions with tax authorities.
Adjusted(3) Statement of Operations Highlights
SELECTED ADJUSTED(3) COSTS AND EXPENSES
($ in millions) Fourth-Quarter Full-Year 2025 2024 % Change 2025 2024 % Change Total Oper. Total Oper. Adjusted(3) Cost of Sales $ 5,066 $ 5,742 (12 %) (15 %) $ 15,141 $ 16,420 (8 %) (9 %) Percent of Revenues 28.9 % 32.3 % N/A N/A 24.2 % 25.8 % N/A N/A Adjusted(3) SI&A Expenses 4,080 4,275 (5 %) (5 %) 13,642 14,617 (7 %) (7 %) Adjusted(3) R&D Expenses 3,116 2,986 4 % 4 % 10,212 10,694 (5 %) (5 %) Acquired IPR&D Expenses(3) 212 88 * * 1,613 108 * * Adjusted(3) Other (Income)/Deductions—net 139 234 (41 %) (16 %) 827 1,031 (20 %) (11 %) Effective Tax Rate on Adjusted(3) Income 23.3 % 18.9 % 12.7 % 14.5 % * Indicates calculation not meaningful or results are greater than 100%.
See the reconciliations of certain Reported(2) to non-GAAP Adjusted(3) financial measures and associated footnotes in the financial tables section of this press release located at the hyperlink below.
FULL-YEAR REVENUE SUMMARY (Full-Year 2025 vs. Full-Year 2024)
Full-year 2025 revenues totaled $62.6 billion, a decrease of $1.0 billion, or 2%, compared to full-year 2024, reflecting an operational decrease of $1.3 billion, or 2%, partially offset by a favorable impact of foreign exchange of $247 million. Excluding contributions from Comirnaty and Paxlovid, revenues for the full-year grew 6% operationally.
The operational decrease was primarily driven by a year-over-year decline in COVID-19 product revenues largely due to lower infection rates impacting Paxlovid demand as well as a narrower vaccine recommendation for COVID-19 in the U.S. impacting Comirnaty sales; partially offset by growth contributions led by the Vyndaqel family, Eliquis, Padcev, Lorbrena, Abrysvo, and Oncology biosimilars.
RECENT NOTABLE DEVELOPMENTS (Since November 4, 2025)
Product Developments
Product/Project Milestone Recent Development Link Braftovi
(encorafenib) Phase 3 Results January 2026. Announced positive results from Cohort 3, a separate, investigational randomized cohort of the pivotal BREAKWATER trial, evaluating Braftovi in combination with cetuximab and FOLFIRI (fluorouracil, leucovorin, and irinotecan) in patients with previously untreated metastatic colorectal cancer (mCRC) with a BRAF V600E mutation. At the time of analysis, the Braftovi combination regimen with FOLFIRI and cetuximab demonstrated a clinically meaningful and statistically significant improvement in confirmed objective response rate (ORR), as assessed by BICR, compared to patients receiving standard-of-care treatment FOLFIRI with or without bevacizumab (64.4% vs 39.2%, odds ratio =2.76, p=0.001). The safety profile of Braftovi in combination with cetuximab and FOLFIRI was consistent with the known safety profile of each respective agent. Full Release Hympavzi (marstacimab) Phase 3 Results December 2025. Announced detailed results from the Phase 3 BASIS study (NCT03938792) evaluating Hympavzi for adults and adolescents living with hemophilia A or B with inhibitors that demonstrated the superiority of investigational use of Hympavzi in improving key bleeding outcomes compared to on-demand (OD) treatment with bypassing agents. Full Release Padcev (enfortumab vedotin) Phase 3 Results December 2025. Pfizer and Astellas Pharma Inc. (Astellas) announced positive topline results from an interim analysis of the Phase 3 EV-304 clinical trial (also known as KEYNOTE-B15) for Padcev in combination with pembrolizumab. The pivotal study is evaluating the combination as neoadjuvant and adjuvant treatment (before and after surgery) versus standard of care neoadjuvant chemotherapy (gemcitabine and cisplatin) in patients with muscle-invasive bladder cancer (MIBC) who are eligible for cisplatin-based chemotherapy. The trial met its primary endpoint, demonstrating clinically meaningful and statistically significant improvements in event-free survival (EFS), and overall survival (OS), a key secondary endpoint. An additional secondary endpoint of pathologic complete response (pCR) rate for neoadjuvant Padcev plus pembrolizumab versus neoadjuvant chemotherapy was also met, and a clinically meaningful and statistically significant improvement was observed. The safety profile for Padcev plus pembrolizumab was consistent with the known profile of the treatment regimen. Full Release Regulatory December 2025. Astellas announced the European Medicines Agency (EMA) validated for review a Type II variation application for Padcev in combination with pembrolizumab, as neoadjuvant treatment (before surgery), and then continued after radical cystectomy (surgery) as adjuvant treatment (after surgery), for adults with MIBC who are ineligible for cisplatin-containing chemotherapy. The EMA’s Committee for Medicinal Products for Human Use and subsequently the European Commission are expected to share their opinion and decision in 2026. Full Release Regulatory November 2025. Pfizer and Astellas announced the U.S. Food and Drug Administration (FDA) approved Padcev in combination with pembrolizumab or pembrolizumab and berahyaluronidase alfa-pmph as neoadjuvant treatment and then continued after cystectomy (surgery) as adjuvant treatment for adult patients with MIBC who are ineligible for cisplatin-containing chemotherapy. The approval of this perioperative (before and after surgery) treatment was based on results from the pivotal Phase 3 EV-303 clinical trial (also known as KEYNOTE-905). Full Release Tukysa (tucatinib) Phase 3 Results December 2025. Announced detailed results from the Phase 3 HER2CLIMB-05 trial of Tukysa as part of an investigational first-line maintenance treatment combination, following chemotherapy-based induction, in patients with human epidermal growth factor receptor 2-positive (HER2+) metastatic breast cancer (MBC). The primary endpoint analysis showed a 35.9% reduction in the risk of disease progression or death among patients treated with Tukysa, trastuzumab, and pertuzumab compared to those treated with placebo, trastuzumab, and pertuzumab, as assessed by the investigator (hazard ratio [HR] of 0.641, 95% confidence interval (CI): 0.514-0.799; 2-sided p<0.0001). The combination demonstrated a manageable safety profile as a first-line maintenance therapy. Full Release
Pipeline Developments
A comprehensive update of Pfizer’s development pipeline was published today and is now available at www.pfizer.com/science/drug-product-pipeline. It includes an overview of Pfizer’s research and a list of compounds in development with targeted indication and phase of development, as well as mechanism of action for some candidates in Phase 1 and all candidates from Phase 2 through registration.
Product/Project Milestone Recent Development Link Ultra-Long-Acting GLP-1 (PF’3944 / MET-097i) Phase 2b Results February 2026. Announced positive topline results from the Phase 2b VESPER-3 study investigating monthly maintenance dosing of the fully-biased, ultra-long-acting, injectable GLP-1 receptor agonist PF’3944 (MET-097i) in adults with obesity or overweight without type 2 diabetes. The study met its primary endpoint of statistically significant weight reduction at 28 weeks and demonstrated a competitive tolerability profile. Additionally, weight loss continued after the pre-planned switch from weekly to monthly dosing, with no plateau observed at 28 weeks. Detailed results from VESPER-3 will be presented on June 6, 2026 at the 86th Scientific Sessions of the American Diabetes Association®. Full Release
Corporate Developments
Topic Recent Development Link Business
Development December 2025. Announced an exclusive global collaboration and in-license agreement with YaoPharma, a leading innovation-driven global healthcare company, for the development, manufacturing and commercialization of YP05002, a small molecule glucagon-like peptide 1 (GLP-1) receptor agonist currently in Phase 1 development for chronic weight management. Under the terms of the agreement, YaoPharma will complete an ongoing YP05002 Phase 1 clinical trial and granted Pfizer an exclusive license to further develop, manufacture and commercialize YP05002 worldwide. YaoPharma received an upfront payment of $150 million and is eligible to receive milestone payments associated with certain development, regulatory and commercial milestones up to $1.935 billion, as well as tiered royalties on sales, if approved. Full Release November 2025. Announced the completion of Pfizer’s acquisition of all outstanding shares of common stock of Metsera, a clinical-stage biopharmaceutical company accelerating the next generation of medicines for obesity and cardiometabolic diseases, for $65.60 in cash per Metsera share, representing an enterprise value of approximately $7.0 billion. Additionally, Metsera shareholders were granted a contingent value right (CVR) of up to $20.65 per share of Metsera stock in potential additional payments tied to the achievement of three specified clinical and regulatory milestones. Full Release ViiV Healthcare Limited January 2026. Pfizer reached an agreement with GSK plc and Shionogi & Co., Ltd to exit its 11.7% investment in ViiV Healthcare Limited. Under the terms of the agreement, Pfizer will receive $1.875 billion in cash. Completion of the transaction is expected to occur in the first quarter of 2026, subject to certain regulatory clearances in relevant markets. N/A
PFIZER TO HOST CONFERENCE CALL
Please find Pfizer’s press release and associated financial tables, including reconciliations of certain GAAP reported to non-GAAP adjusted information, at the following hyperlink:
https://investors.pfizer.com/Q4-2025-PFE-Earnings-Release
(Note: If clicking on the above link does not open a new webpage, you may need to cut and paste the above URL into your browser's address bar.)
Pfizer will host a live conference call and webcast today, February 3, 2026, at 10:00 AM EST. To access the live conference call, the fourth-quarter 2025 earnings presentation, and the accompanying prepared remarks from management, visit our website at pfizer.com/investors.
You can also listen to the conference call by dialing either 800-456-4352 in the U.S. and Canada or 785-424-1086 outside of the U.S. and Canada. The passcode is "10856".
The transcript and webcast replay of the call will be made available on our website at pfizer.com/investors within 24 hours after the end of the live conference call and will be accessible for at least 90 days.
For additional details, see the financial schedules and product revenue tables within the press release located at the hyperlink above, and the attached disclosure notice.
(1) Pfizer does not provide guidance for U.S. generally accepted accounting principles (GAAP) Reported financial measures (other than revenues) or a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP Reported financial measures on a forward-looking basis because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses, certain acquisition-related expenses, gains and losses from equity securities, actuarial gains and losses from pension and postretirement plan remeasurements, potential future asset impairments and pending litigation without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP Reported results for the guidance period. Financial guidance for full-year 2026 reflects the following:
Does not assume the completion of any business development transactions not completed as of February 3, 2026. An anticipated unfavorable revenue impact of approximately $1.5 billion due to recent and expected generic and biosimilar competition for certain products that have recently lost patent or regulatory protection or that are anticipated to lose patent or regulatory protection. Exchange rates assumed are actual rates at mid-January 2026. Guidance for Adjusted(3) diluted EPS assumes diluted weighted-average shares outstanding of approximately 5.74 billion shares, and assumes no share repurchases in 2026. (2) Revenues is defined as revenues in accordance with U.S. GAAP. Reported net income/(loss) and its components are defined as net income/(loss) attributable to Pfizer Inc. common shareholders and its components in accordance with U.S. GAAP. Reported diluted EPS and reported diluted LPS are defined as diluted EPS or LPS attributable to Pfizer Inc. common shareholders in accordance with U.S. GAAP. (3) Adjusted income and Adjusted diluted earnings per share (EPS) are defined as U.S. GAAP net income/(loss) attributable to Pfizer Inc. common shareholders and U.S. GAAP diluted EPS/(LPS) attributable to Pfizer Inc. common shareholders before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations and certain significant items. See the accompanying reconciliations of certain GAAP Reported to Non-GAAP Adjusted information for the fourth quarter and full-year 2025 and 2024 in the press release at the hyperlink above. Adjusted income and its components and Adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income/(loss) and its components and diluted EPS/(LPS)(2). See the Non-GAAP Financial Measure: Adjusted Income section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Pfizer’s 2024 Annual Report on Form 10-K and the accompanying Non-GAAP Financial Measure: Adjusted Income section of the press release located at the hyperlink above for a definition of each component of Adjusted income as well as other relevant information. (4) References to operational variances in this press release pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although foreign exchange rate changes are part of Pfizer’s business, they are not within Pfizer’s control and because they can mask positive or negative trends in the business, Pfizer believes presenting operational variances excluding these foreign exchange changes provides useful information to evaluate Pfizer’s results. (5) Pfizer’s fiscal year-end for international subsidiaries is November 30 while Pfizer’s fiscal year-end for U.S. subsidiaries is December 31. Therefore, Pfizer’s fourth quarter and full year for U.S. subsidiaries reflects the three and twelve months ended on December 31, 2025 and December 31, 2024, while Pfizer’s fourth quarter and full year for subsidiaries operating outside the U.S. reflects the three and twelve months ended on November 30, 2025 and November 30, 2024.
DISCLOSURE NOTICE: Except where otherwise noted, the information contained in this earnings release and the related attachments is as of February 3, 2026. We assume no obligation to update any forward-looking statements contained in this earnings release and the related attachments as a result of new information or future events or developments.
This earnings release and the related attachments contain forward-looking statements about, among other topics, our anticipated operating and financial performance, including financial guidance and projections; reorganizations; business plans, strategy, goals and prospects; expectations for our product pipeline (including products from completed or anticipated acquisitions), in-line products and product candidates, including anticipated regulatory submissions, data read-outs, study starts, approvals, launches, discontinuations, clinical trial results and other developing data, revenue contribution and projections, pricing and reimbursement, market dynamics, including demand, market size and utilization rates and growth, performance, timing and duration of exclusivity and potential benefits; the impact and potential impact of tariffs and pricing dynamics; strategic reviews; leverage and capital allocation objectives; an enterprise-wide cost realignment program (including anticipated costs, savings and potential benefits); a Manufacturing Optimization Program to reduce our cost of goods sold (including anticipated costs, savings and potential benefits); dividends and share repurchases; plans for and prospects of our acquisitions, dispositions and other business development activities, including our acquisitions of Metsera and Seagen and our in-licensing agreements with 3SBio and YaoPharma, and our ability to successfully capitalize on growth opportunities and prospects; our voluntary agreement with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts; manufacturing and product supply; our expectations regarding the impact of COVID-19 on our business, operations and financial results; and the expected seasonality of demand for certain of our products. Given their forward-looking nature, these statements involve substantial risks, uncertainties and potentially inaccurate assumptions and we cannot assure you that any outcome expressed in these forward-looking statements will be realized in whole or in part. You can identify these statements by the fact that they use future dates or use words such as "will," "may," "could," "likely," "ongoing," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "assume," "target," "forecast," "guidance," "goal," "objective," "aim," "seek," "potential," "hope" and other words and terms of similar meaning. Pfizer’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties.
Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following:
Risks Related to Our Business, Industry and Operations, and Business Development:
the outcome of research and development (R&D) activities, including the ability to meet anticipated pre-clinical or clinical endpoints, commencement and/or completion dates for our pre-clinical or clinical trials, regulatory submission dates, and/or regulatory approval and/or launch dates; the possibility of unfavorable pre-clinical and clinical trial results, including the possibility of unfavorable new pre-clinical or clinical data and further analyses of existing pre-clinical or clinical data; risks associated with preliminary, early stage or interim data; the risk that pre-clinical and clinical trial data are subject to differing interpretations and assessments, including during the peer review/publication process, in the scientific community generally, and by regulatory authorities; whether and when additional data from our pipeline programs will be published in scientific journal publications, and if so, when and with what modifications and interpretations; and uncertainties regarding the future development of our product candidates, including whether or when our product candidates will advance to future studies or phases of development or whether or when regulatory applications may be filed for any of our product candidates, including as a result of clinical trial data or regulatory decisions or feedback that could impact the future development of our product candidates, including our vaccine candidates such as our next generation pneumococcal conjugate vaccine candidate; our ability to successfully address comments received from regulatory authorities such as the FDA or the EMA, or obtain approval for new products and indications from regulators on a timely basis or at all; regulatory decisions impacting labeling, approval or authorization, including the scope of indicated patient populations, product dosage, manufacturing processes, safety and/or other matters, including decisions relating to developments regarding potential product impurities; uncertainties regarding the ability to obtain or maintain, and the scope of, recommendations by technical or advisory committees, and the timing of, and ability to obtain, pricing/reimbursement, approvals and product launches, all of which could impact the availability or commercial potential of our products and product candidates; claims and concerns that may arise regarding the safety or efficacy of in-line products and product candidates, including claims and concerns that may arise from the conduct or outcome of post-approval clinical trials, pharmacovigilance or Risk Evaluation and Mitigation Strategies, which could impact marketing approval, product labeling, and/or availability or commercial potential; the success and impact of external business development activities, such as the November 2025 acquisition of Metsera, as well as risks and uncertainties related to the ability to identify and execute on potential business development opportunities; the ability to satisfy the conditions to closing of announced transactions in the anticipated time frame or at all, including the possibility that such transactions do not close; the ability to realize the anticipated benefits of any such transactions in the anticipated time frame or at all; the potential need for and impact of additional equity or debt financing to pursue these opportunities, which has in the past and could in the future result in increased leverage and/or a downgrade of our credit ratings and could limit our ability to obtain future financing; challenges integrating the businesses and operations; disruption to business or operations relationships; risks related to achieving or growing revenues for certain acquired or partnered products; significant transaction costs; and unknown liabilities; competition, including from new product entrants, in-line branded products, generic products, private label products, biosimilars and product candidates that treat or prevent diseases and conditions similar to those treated or intended to be prevented by our in-line products and product candidates; the ability to successfully market both new and existing products, including biosimilars; difficulties or delays in manufacturing, sales or marketing; supply disruptions, shortages or stock-outs at our facilities or third-party facilities that we rely on; and legal or regulatory actions; the impact of public health outbreaks, epidemics or pandemics on our business, operations and financial condition and results, including impacts on our employees, manufacturing, supply chain, sales and marketing, R&D and clinical trials; risks and uncertainties related to Comirnaty and Paxlovid or any potential future COVID-19 vaccines, treatments or combinations, including, among others, the risk that as the market for COVID-19 products remains endemic and seasonal and/or COVID-19 infection rates do not follow prior patterns, demand for our COVID-19 products has and may continue to be reduced or not meet expectations, which has in the past and may continue to lead to reduced revenues, excess inventory or other unanticipated charges; risks related to our ability to develop, receive regulatory approval for, and commercialize variant adapted vaccines, combinations and/or treatments; uncertainties related to recommendations and coverage for, and the public’s adherence to, vaccines, boosters, treatments or combinations, including uncertainties related to the potential impact of narrowing recommended patient populations; whether or when our EUAs or biologics licenses will expire, terminate or be revoked; risks related to our ability to accurately predict or achieve our revenue forecasts for Comirnaty and Paxlovid or any potential future COVID-19 vaccines or treatments; and potential third-party royalties or other claims related to Comirnaty and Paxlovid; trends toward managed care and healthcare cost containment, and our ability to obtain or maintain timely or adequate pricing or favorable formulary placement for our products; interest rate and foreign currency exchange rate fluctuations, including the impact of global trade tensions, as well as currency devaluations and monetary policy actions in countries experiencing high inflation or deflation rates; any significant issues involving our largest wholesale distributors or government customers, which account for a substantial portion of our revenues; the impact of the increased presence of counterfeit medicines, vaccines or other products in the pharmaceutical supply chain; any significant issues related to the outsourcing of certain operational and staff functions to third parties; any significant issues related to our JVs and other third-party business arrangements, including modifications or disputes related to supply agreements or other contracts with customers including governments or other payors; uncertainties related to general economic, political, business, industry, regulatory and market conditions including, without limitation, uncertainties related to the impact on us, our customers, suppliers and lenders and counterparties to our foreign-exchange and interest-rate agreements of challenging global economic conditions, such as inflation or interest rate fluctuations, and changes in global financial markets; the exposure of our operations globally to possible capital and exchange controls, economic conditions, expropriation, sanctions, tariffs and/or other restrictive government actions, changes in intellectual property legal protections and remedies, unstable governments and legal systems and inter-governmental disputes; risks and uncertainties related to issued or future executive orders or other new, or changes in, laws, regulations or policy regarding tariffs or other trade or foreign policy and/or the impact of any potential U.S. Governmental shutdowns, including impacts on governmental agencies due to a shutdown; the risk and impact of tariffs on our business, which is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs or other retaliatory actions imposed by other countries; the impact of disruptions related to climate change and natural disasters; any changes in business, political and economic conditions due to actual or threatened terrorist activity, geopolitical instability, political or civil unrest or military action and the resulting economic or other consequences; the impact of product recalls, withdrawals and other unusual items, including uncertainties related to regulator-directed risk evaluations and assessments, such as our ongoing evaluation of our product portfolio for the potential presence or formation of nitrosamines, and our voluntary withdrawal of all lots of Oxbryta in all markets where it is approved and any regulatory or other impact on Oxbryta and other sickle cell disease assets; trade buying patterns; the risk of an impairment charge related to our intangible assets, goodwill or equity-method investments; the impact of, and risks and uncertainties related to, restructurings and internal reorganizations, as well as any other corporate strategic initiatives and growth strategies, and cost-reduction and productivity initiatives, including any potential future phases, each of which requires upfront costs but may fail to yield anticipated benefits and may result in unexpected costs, organizational disruption, adverse effects on employee morale, retention issues or other unintended consequences; the ability to successfully achieve our climate-related goals and progress our environmental and other sustainability priorities;
Risks Related to Government Regulation and Legal Proceedings:
the impact of any U.S. healthcare reform or legislation, including executive orders or other change in laws, regulations or policy, or any significant spending reduction or cost control efforts affecting Medicare, Medicaid, the 340B Drug Pricing Program or other publicly funded or subsidized health programs, including the Inflation Reduction Act of 2022 (IRA) and the IRA Medicare Part D Redesign, government cuts to Affordable Care Act (ACA) subsidies, or changes in the tax treatment of employer-sponsored health insurance that may be implemented; risks and uncertainties related to the impact of Pfizer’s voluntary agreement with the U.S. Government designed to lower drug costs for U.S. patients and to include certain Pfizer products on the TrumpRx.gov platform, Pfizer’s plans to further invest in U.S. manufacturing and potential tariff impacts, including risks relating to entering into final agreements with the U.S. Government, which are currently being negotiated; U.S. federal or state legislation or regulatory action and/or policy efforts affecting, among other things, pharmaceutical product pricing, including international reference pricing (including Most-Favored-Nation drug pricing), intellectual property, product approval processes and pathways, reimbursement or access to or recommendations for our medicines and vaccines, tax changes or other restrictions on U.S. direct-to-consumer advertising; limitations on interactions with healthcare professionals and other industry stakeholders; as well as pricing pressures for our products as a result of highly competitive biopharmaceutical markets; risks and uncertainties related to changes to vaccine or other healthcare policy in the U.S., including: (i) risks and uncertainties relating to the evolving vaccine landscape; and (ii) the FDA's recently adopted policy of disclosing Complete Response Letters for unapproved drug candidates and the attendant risk of disclosure of trade secrets or confidential commercial information; legislation or regulatory action and/or policy efforts in markets outside of the U.S., such as China or Europe, including, without limitation, laws related to pharmaceutical product pricing, intellectual property, medical regulation, environmental protections, data protection and cybersecurity, reimbursement or access, including, in particular, continued government-mandated reductions in prices and access restrictions for certain products to control costs in those markets; legal defense costs, insurance expenses, settlement costs and contingencies, including without limitation, those related to legal proceedings and actual or alleged environmental contamination; the risk and impact of an adverse decision or settlement and risk related to the adequacy of reserves related to legal proceedings; the risk and impact of tax related litigation and investigations; governmental laws, regulations and policies affecting our operations, including, without limitation, the IRA, as well as changes in such laws, regulations or policies or their interpretation, including, among others, new or changes in tariffs, tax laws and regulations internationally and in the U.S., including the One Big Beautiful Bill Act, which was enacted on July 4, 2025, and is still subject to further guidance; the adoption of global minimum taxation requirements outside the U.S. generally effective in most jurisdictions since January 1, 2024, government cost-cutting measures and related impacts on, among other matters, government staffing, resources and ability to timely review and process regulatory or other submissions; restrictions related to certain data transfers, including data security, data localization and cross border data transfer regulations, and transactions involving certain countries; and potential changes to existing tax laws, tariffs, or changes to other laws, regulations or policies in the U.S., including by the U.S. Presidential administration and Congress, as well as in other countries;
Risks Related to Intellectual Property, Technology and Cybersecurity:
the risk that our currently pending or future patent applications may not be granted on a timely basis or at all, or any patent-term extensions that we seek may not be granted on a timely basis, if at all; risks to our products, patents and other intellectual property, such as: (i) claims of invalidity that could result in loss of patent coverage; (ii) claims of patent infringement, including asserted and/or unasserted intellectual property claims; (iii) claims we may assert against intellectual property rights held by third parties; (iv) challenges faced by our collaboration or licensing partners to the validity of their patent rights; or (v) any pressure from, or legal or regulatory action by, various stakeholders or governments that could potentially result in us not seeking intellectual property protection or agreeing not to enforce or being restricted from enforcing intellectual property rights related to our products; any significant breakdown or interruption of our information technology systems and infrastructure (including cloud services); any business disruption, theft of confidential or proprietary information, security threats on facilities or infrastructure, extortion or integrity compromise resulting from a cyber-attack, which may include those using adversarial artificial intelligence techniques, or other malfeasance by, but not limited to, nation states, employees, business partners or others; and risks and challenges related to the use of software, systems and services that include artificial intelligence-based functionality and other emerging technologies.
Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our subsequent reports on Form 10-Q, in each case including in the sections thereof captioned "Forward-Looking Information and Factors That May Affect Future Results" and "Item 1A. Risk Factors," and in our subsequent reports on Form 8-K.
This earnings release may include discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data. In addition, clinical trial data are subject to differing interpretations, and, even when we view data as sufficient to support the safety and/or effectiveness of a product candidate or a new indication for an in-line product, regulatory authorities may not share our views and may require additional data or may deny approval altogether.
The information contained on our website or any third-party website is not incorporated by reference into this earnings release. All trademarks mentioned are the property of their owners.
Certain of the products and product candidates discussed in this earnings release are being co-researched, co-developed and/or co-promoted in collaboration with other companies for which Pfizer’s rights vary by market or are the subject of agreements pursuant to which Pfizer has commercialization rights in certain markets.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260203145333/en/
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- 3SBio Sees More Business Development Deals
Jan 15, 2026
Tony He, CFO of the Chinese biopharmaceutical firm 3SBio, discusses his outlook for dealmaking and the progress of a record licensing deal the company struck with Pfizer last year. He speaks on "Bloomberg: The China Show" from San Francisco, where the JPMorgan Healthcare Conference is taking place.
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- Pfizer Reaffirms Full-Year 2025 EPS Guidance and Provides Full-Year 2026 Guidance
Dec 16, 2025
Continued Investment in Pipeline and Acquired Assets in 2026 to Fuel Long-Term Growth Reaffirms Full-Year 2025 Adjusted(1) Diluted EPS Guidance(2) and Revises Full-Year 2025 Revenue Guidance(2) to Approximately $62.0 Billion Full-Year 2026 Revenue Guidance(2) Range of $59.5 to $62.5 Billion Full-Year 2026 Adjusted(1) Diluted EPS Guidance(2) Range of $2.80 to $3.00
NEW YORK, December 16, 2025--(BUSINESS WIRE)--Pfizer Inc. (NYSE:PFE) today provided its full-year 2026 guidance(2) while revising its November 4, 2025 full-year 2025 Revenue guidance(2) and reaffirming all other components of full-year 2025 financial guidance(2). The accompanying presentation can be found at www.pfizer.com/investors.
FULL-YEAR 2026 REVENUE GUIDANCE(2)
Pfizer anticipates full-year 2026 revenues to be in the range of $59.5 to $62.5 billion, while full-year 2025 revenue guidance(2) is revised to approximately $62.0 billion from the range of $61.0 to $64.0 billion previously. Full-year 2026 revenue guidance(2) includes the expectation of revenues from our COVID-19 products being approximately $1.5 billion lower than what is expected in 2025 plus an expected year-over-year negative revenue impact of approximately $1.5 billion due to certain products experiencing loss of exclusivity (LOE)(2). Pfizer expects full-year 2026 operational(3) revenue growth at the midpoint, excluding both COVID-19 and LOE products, to be approximately 4% year-over-year.
FULL-YEAR 2026 ADJUSTED(1) SI&A and ADJUSTED(1) R&D EXPENSES GUIDANCE(2)
Pfizer anticipates full-year 2026 Adjusted(1) SI&A expenses to be in the range of $12.5 to $13.5 billion, reflecting ongoing progress with our Cost Realignment Program. The company anticipates full-year 2026 Adjusted(1) R&D expenses to be in the range of $10.5 to $11.5 billion, reflecting continued focus on prioritization in key therapeutic areas and maximizing the development of PF-08634404 (a PD-1 x VEGF bispecific antibody in-licensed from 3SBio) as well as multiple clinical programs from Metsera. Consequently, total 2026 Adjusted(1) SI&A and R&D expenses are expected to be in the range of $23.0 to $25.0 billion.
FULL-YEAR 2026 ADJUSTED(1) DILUTED EPS GUIDANCE(2)
Pfizer anticipates full-year 2026 Adjusted(1) diluted EPS to be in a range of $2.80 to $3.00. 2026 Adjusted(1) diluted EPS guidance(2) primarily reflects our expected revenues, anticipated stable gross and operating margins vs full-year 2025 guidance(2), and an anticipated higher tax rate on Adjusted(1) income vs full-year 2025 guidance(2).
A comparison of Pfizer’s 2025 Financial Guidance(2) to its 2026 Financial Guidance(2) is presented below.
Story Continues
2025 Financial Guidance(2)
(as of December 16, 2025) 2026 Financial Guidance(2) Revenues ($ in billions) Approximately $62.0
(previously $61.0 – $64.0) $59.5 – $62.5 COVID-19 Products ($ in billions) ~$6.5 ~$5.0 Adjusted(1) SI&AExpenses ($ in billions) $13.1 – $14.1 $12.5 – $13.5 Adjusted(1) R&D Expenses ($ in billions) $10.0 – $11.0 $10.5 – $11.5 Effective Tax Rate on Adjusted(1) Income Approximately 11% Approximately 15% Adjusted(1) Diluted EPS $3.00 – $3.15 $2.80 – $3.00
Financial guidance for Adjusted(1) diluted EPS is calculated using approximately 5.71 billion weighted-average shares outstanding in 2025 and approximately 5.74 billion weighted-average shares outstanding in 2026, and assumes no share repurchases in 2025 or 2026.
CEO COMMENTARY
"2025 was a year of strong execution and strategic progress for Pfizer. We’ve strengthened our foundation, advanced our R&D pipeline and positioned our company for sustainable growth in the post-LOE period. As we move into 2026, we’re focused on serving patients with innovative medicines and vaccines while creating long-term value for our shareholders."
PFIZER TO HOST CONFERENCE CALL
Pfizer will host a live conference call and webcast today, December 16, 2025, at 8:00 AM EST. To access the live conference call as well as view the Full-Year 2026 Financial Guidance presentation, visit our website at pfizer.com/investors.
You can also listen to the conference call by dialing either 800-456-4352 in the U.S. and Canada or 785-424-1086 outside of the U.S. and Canada. The passcode is "71848".
The transcript and webcast replay of the call will be made available on our website at pfizer.com/investors within 24 hours after the end of the live conference call and will be accessible for at least 90 days.
(1) Adjusted income and Adjusted diluted earnings per share (EPS) are defined as U.S. GAAP net income attributable to Pfizer Inc. common shareholders and U.S. GAAP diluted EPS attributable to Pfizer Inc. common shareholders before the impact of amortization of intangible assets, certain acquisition-related items, discontinued operations, and certain significant items. Adjusted income and its components and Adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS(4), have no standardized meaning prescribed by U.S. GAAP and may not be comparable to the calculation of similar measures of other companies. See the Non-GAAP Financial Measure: Adjusted Income section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Pfizer’s 2024 Annual Report on Form 10-K for a definition of each component of Adjusted income as well as other relevant information. (2) Pfizer does not provide guidance for U.S. generally accepted accounting principles (GAAP) Reported financial measures (other than revenues) or a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP Reported financial measures on a forward-looking basis because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses, certain acquisition-related expenses, gains and losses from equity securities, actuarial gains and losses from pension and postretirement plan remeasurements, potential future asset impairments and pending litigation without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP Reported results for the guidance period. Financial guidance for full-year 2026 reflects the following: Does not assume the completion of any business development transactions not completed as of December 16, 2025.
Reflects an anticipated negative revenue impact of approximately $1.5 billion due to recent and expected generic and biosimilar competition for certain products that have recently lost patent or regulatory protection or that are anticipated to lose patent or regulatory protection.
Exchange rates assumed are actual rates at mid-November 2025.
Guidance for Adjusted(1) diluted EPS assumes diluted weighted-average shares outstanding of approximately 5.74 billion shares, and assumes no share repurchases in 2026. Our financial guidance for full-year 2025 reflects assumptions that are consistent with those outlined in Note (1) within Pfizer’s Q3-25 Earnings Release. (3) References to operational variances in this press release pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although exchange rate changes are part of Pfizer’s business, they are not within Pfizer’s control and because they can mask positive or negative trends in the business, Pfizer believes presenting operational variances excluding these foreign exchange changes provides useful information to evaluate Pfizer’s results. (4) Revenues is defined as revenues in accordance with U.S. GAAP. Reported net income and its components are defined as net income attributable to Pfizer Inc. common shareholders and its components in accordance with U.S. GAAP. Reported diluted EPS is defined as diluted EPS attributable to Pfizer Inc. common shareholders in accordance with U.S. GAAP.
DISCLOSURE NOTICE: The information contained in this press release is as of December 16, 2025. Pfizer assumes no obligation to update forward-looking statements contained in this release or the webcast as the result of new information or future events or developments.
This press release and the webcast contain or may contain forward-looking information about, among other topics, our anticipated operating and financial performance, including financial guidance and projections; reorganizations; business plans, strategy, goals and prospects; expectations for our product pipeline (including products from completed or anticipated acquisitions), in-line products and product candidates, including anticipated regulatory submissions, data read-outs, study starts, approvals, launches, discontinuations, clinical trial results and other developing data, revenue contribution and projections, pricing and reimbursement, market dynamics, including demand, market size and utilization rates and growth, performance, timing and duration of exclusivity and potential benefits; the impact and potential impact of tariffs and pricing dynamics; strategic reviews; leverage and capital allocation objectives; an enterprise-wide cost realignment program (including anticipated costs, savings and potential benefits); a Manufacturing Optimization Program to reduce our cost of goods sold (including anticipated costs, savings and potential benefits); dividends and share repurchases; plans for and prospects of our acquisitions, dispositions and other business development activities, including our acquisition of Seagen, our acquisition of Metsera and our licensing agreement with 3SBio, and our ability to successfully capitalize on growth opportunities and prospects; our voluntary agreement with the U.S. Government designed to lower drug costs for U.S. patients and to include Pfizer products in a direct purchasing platform, and Pfizer’s plans to further invest in U.S. manufacturing; manufacturing and product supply; our ongoing efforts to respond to COVID-19; our expectations regarding the impact of COVID-19 on our business, operations and financial results; and the expected seasonality of demand for certain of our products. Given their forward-looking nature, these statements involve substantial risks, uncertainties and potentially inaccurate assumptions and we cannot assure you that any outcome expressed in these forward-looking statements will be realized in whole or in part. You can identify these statements by the fact that they use future dates or use words such as "will," "may," "could," "likely," "ongoing," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "assume," "target," "forecast," "guidance," "goal," "objective," "aim," "seek," "potential," "hope" and other words and terms of similar meaning. Pfizer’s financial guidance is based on estimates and assumptions that are subject to significant uncertainties.
Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following:
Risks Related to Our Business, Industry and Operations, and Business Development:
the outcome of research and development (R&D) activities, including the ability to meet anticipated pre-clinical or clinical endpoints, commencement and/or completion dates for our pre-clinical or clinical trials, regulatory submission dates, and/or regulatory approval and/or launch dates; the possibility of unfavorable pre-clinical and clinical trial results, including the possibility of unfavorable new pre-clinical or clinical data and further analyses of existing pre-clinical or clinical data; risks associated with preliminary, early stage or interim data; the risk that pre-clinical and clinical trial data are subject to differing interpretations and assessments, including during the peer review/publication process, in the scientific community generally, and by regulatory authorities; whether and when additional data from our pipeline programs will be published in scientific journal publications and, if so, when and with what modifications and interpretations; and uncertainties regarding the future development of our product candidates, including whether or when our product candidates will advance to future studies or phases of development or whether or when regulatory applications may be filed for any of our product candidates, including as a result of clinical trial data or regulatory feedback that could impact the future development of our product candidates, including our vaccine candidates such as our next generation pneumococcal conjugate vaccine candidate; our ability to successfully address comments received from regulatory authorities such as the U.S. Food and Drug Administration or the European Medicines Agency, or obtain approval for new products and indications from regulators on a timely basis or at all; regulatory decisions impacting labeling, approval or authorization, including the scope of indicated patient populations, product dosage, manufacturing processes, safety and/or other matters, including decisions relating to emerging developments regarding potential product impurities; uncertainties regarding the ability to obtain or maintain, and the scope of, recommendations by technical or advisory committees, and the timing of, and ability to obtain, pricing approvals and product launches, all of which could impact the availability or commercial potential of our products and product candidates; claims and concerns that may arise regarding the safety or efficacy of in-line products and product candidates, including claims and concerns that may arise from the conduct or outcome of post-approval clinical trials, pharmacovigilance or Risk Evaluation and Mitigation Strategies, which could impact marketing approval, product labeling, and/or availability or commercial potential; the success and impact of external business development activities, such as the November 2025 acquisition of Metsera, including the ability to identify and execute on potential business development opportunities; the ability to satisfy the conditions to closing of announced transactions in the anticipated time frame or at all, including the possibility that such transactions do not close; the ability to realize the anticipated benefits of any such transactions in the anticipated time frame or at all; the potential need for and impact of additional equity or debt financing to pursue these opportunities, which has in the past and could in the future result in increased leverage and/or a downgrade of our credit ratings and could limit our ability to obtain future financing; challenges integrating the businesses and operations; disruption to business or operations relationships; risks related to growing revenues for certain acquired or partnered products; significant transaction costs; and unknown liabilities; competition, including from new product entrants, in-line branded products, generic products, private label products, biosimilars and product candidates that treat or prevent diseases and conditions similar to those treated or intended to be prevented by our in-line products and product candidates; the ability to successfully market both new and existing products, including biosimilars; difficulties or delays in manufacturing, sales or marketing; supply disruptions, shortages or stock-outs at our facilities or third-party facilities that we rely on; and legal or regulatory actions; the impact of public health outbreaks, epidemics or pandemics (such as COVID-19) on our business, operations and financial condition and results, including impacts on our employees, manufacturing, supply chain, sales and marketing, R&D and clinical trials; risks and uncertainties related to Comirnaty and Paxlovid or any potential future COVID-19 vaccines, treatments or combinations, including, among others, the risk that as the market for COVID-19 products remains endemic and seasonal and/or COVID-19 infection rates do not follow prior patterns, demand for our COVID-19 products has and may continue to be reduced or not meet expectations, which has in the past and may continue to lead to reduced revenues, excess inventory or other unanticipated charges; risks related to our ability to develop, receive regulatory approval for, and commercialize variant adapted vaccines, combinations and/or treatments; uncertainties related to recommendations and coverage for, and the public’s adherence to, vaccines, boosters, treatments or combinations, including uncertainties related to the potential impact of narrowing recommended patient populations; whether or when our EUAs or biologics licenses will expire, terminate or be revoked; risks related to our ability to accurately predict or achieve our revenue forecasts for Comirnaty and Paxlovid or any potential future COVID-19 vaccines or treatments; and potential third-party royalties or other claims related to Comirnaty and Paxlovid; trends toward managed care and healthcare cost containment, and our ability to obtain or maintain timely or adequate pricing or favorable formulary placement for our products; interest rate and foreign currency exchange rate fluctuations, including the impact of global trade tensions, as well as currency devaluations and monetary policy actions in countries experiencing high inflation or deflation rates; any significant issues involving our largest wholesale distributors or government customers, which account for a substantial portion of our revenues; the impact of the increased presence of counterfeit medicines, vaccines or other products in the pharmaceutical supply chain; any significant issues related to the outsourcing of certain operational and staff functions to third parties; any significant issues related to our JVs and other third-party business arrangements, including modifications or disputes related to supply agreements or other contracts with customers including governments or other payors; uncertainties related to general economic, political, business, industry, regulatory and market conditions including, without limitation, uncertainties related to the impact on us, our customers, suppliers and lenders and counterparties to our foreign-exchange and interest-rate agreements of challenging global economic conditions, such as inflation or interest rate fluctuations, and recent and possible future changes in global financial markets; the exposure of our operations globally to possible capital and exchange controls, economic conditions, expropriation, sanctions, tariffs and/or other restrictive government actions, changes in intellectual property legal protections and remedies, unstable governments and legal systems and inter-governmental disputes; risks and uncertainties related to issued or future executive orders or other new, or changes in, laws, regulations or policy regarding tariffs or other trade policy and/or the impact of any potential U.S. Governmental shutdowns, including impacts on governmental agencies due to a shutdown; the risk and impact of tariffs on our business, which is subject to a number of factors including, but not limited to, restrictions on trade, the effective date and duration of such tariffs, countries included in the scope of tariffs, changes to amounts of tariffs, and potential retaliatory tariffs or other retaliatory actions imposed by other countries; the impact of disruptions related to climate change and natural disasters; any changes in business, political and economic conditions due to actual or threatened terrorist activity, geopolitical instability, political or civil unrest or military action, including the ongoing conflicts between Russia and Ukraine and in the Middle East and the resulting economic or other consequences; the impact of product recalls, withdrawals and other unusual items, including uncertainties related to regulator-directed risk evaluations and assessments, such as our ongoing evaluation of our product portfolio for the potential presence or formation of nitrosamines, and our voluntary withdrawal of all lots of Oxbryta in all markets where it is approved and any regulatory or other impact on Oxbryta and other sickle cell disease assets; trade buying patterns; the risk of an impairment charge related to our intangible assets, goodwill or equity-method investments; the impact of, and risks and uncertainties related to, restructurings and internal reorganizations, as well as any other corporate strategic initiatives and growth strategies, and cost-reduction and productivity initiatives, including any potential future phases, each of which requires upfront costs but may fail to yield anticipated benefits and may result in unexpected costs, organizational disruption, adverse effects on employee morale, retention issues or other unintended consequences; the ability to successfully achieve our climate-related goals and progress our environmental sustainability and other priorities;
Risks Related to Government Regulation and Legal Proceedings:
the impact of any U.S. healthcare reform or legislation, including executive orders or other change in laws, regulations or policy, or any significant spending reduction or cost control efforts affecting Medicare, Medicaid, the 340B Drug Pricing Program or other publicly funded or subsidized health programs, including the Inflation Reduction Act of 2022 (IRA) and the IRA Medicare Part D Redesign, or changes in the tax treatment of employer-sponsored health insurance that may be implemented; risks and uncertainties related to the impact of Pfizer’s voluntary agreement with the U.S. Government designed to lower drug costs for U.S. patients and to include Pfizer products in a direct purchasing platform, and Pfizer’s plans to further invest in U.S. manufacturing, including risks relating to entering into definitive agreements with the U.S. Government and the initiation of new tariffs not subject to Pfizer’s grace period; U.S. federal or state legislation or regulatory action and/or policy efforts affecting, among other things, pharmaceutical product pricing, including international reference pricing, including Most-Favored-Nation drug pricing, intellectual property, reimbursement or access to or recommendations for our medicines and vaccines, tax changes or other restrictions on U.S. direct-to-consumer advertising; limitations on interactions with healthcare professionals and other industry stakeholders; as well as pricing pressures for our products as a result of highly competitive biopharmaceutical markets; risks and uncertainties related to changes to vaccine or other healthcare policy in the U.S., including the U.S. Food and Drug Administration's recently adopted policy of disclosing Complete Response Letters for unapproved drug candidates and the attendant risk of disclosure of trade secrets or confidential commercial information; legislation or regulatory action in markets outside of the U.S., such as China or Europe, including, without limitation, laws related to pharmaceutical product pricing, intellectual property, medical regulation, environmental protections, data protection and cybersecurity, reimbursement or access, including, in particular, continued government-mandated reductions in prices and access restrictions for certain products to control costs in those markets; legal defense costs, insurance expenses, settlement costs and contingencies, including without limitation, those related to legal proceedings and actual or alleged environmental contamination; the risk and impact of an adverse decision or settlement and risk related to the adequacy of reserves related to legal proceedings; the risk and impact of tax related litigation and investigations; governmental laws, regulations and policies affecting our operations, including, without limitation, the IRA, as well as changes in such laws, regulations or policies or their interpretation, including, among others, new or changes in tariffs, tax laws and regulations internationally and in the U.S., including the One Big Beautiful Bill Act, which was enacted on July 4, 2025, and is still subject to further guidance; the adoption of global minimum taxation requirements outside the U.S. generally effective in most jurisdictions since January 1, 2024, government cost-cutting measures and related impacts on, among other matters, government staffing, resources and ability to timely review and process regulatory or other submissions; restrictions related to certain data transfers and transactions involving certain countries; and potential changes to existing tax laws, tariffs, or changes to other laws, regulations or policies in the U.S., including by the U.S. Presidential administration and Congress, as well as in other countries;
Risks Related to Intellectual Property, Technology and Cybersecurity:
the risk that our currently pending or future patent applications may not be granted on a timely basis or at all, or any patent-term extensions that we seek may not be granted on a timely basis, if at all; risks to our products, patents and other intellectual property, such as: (i) claims of invalidity that could result in loss of patent coverage; (ii) claims of patent infringement, including asserted and/or unasserted intellectual property claims; (iii) claims we may assert against intellectual property rights held by third parties; (iv) challenges faced by our collaboration or licensing partners to the validity of their patent rights; or (v) any pressure from, or legal or regulatory action by, various stakeholders or governments that could potentially result in us not seeking intellectual property protection or agreeing not to enforce or being restricted from enforcing intellectual property rights related to our products; any significant breakdown or interruption of our information technology systems and infrastructure (including cloud services); any business disruption, theft of confidential or proprietary information, security threats on facilities or infrastructure, extortion or integrity compromise resulting from a cyber-attack, which may include those using adversarial artificial intelligence techniques, or other malfeasance by, but not limited to, nation states, employees, business partners or others; and risks and challenges related to the use of software and services that include artificial intelligence-based functionality and other emerging technologies.
Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our subsequent reports on Form 10-Q, in each case including in the sections thereof captioned "Forward-Looking Information and Factors That May Affect Future Results" and "Item 1A. Risk Factors," and in our subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251216635323/en/
Contacts
Media: PfizerMediaRelations@Pfizer.com
+1 (212) 733-1226
Investor: IR@Pfizer.com
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- Is It Too Late To Consider 3SBio After Its 395.5% 2025 Share Price Surge?
Dec 7, 2025
If you are wondering whether 3SBio is still good value after its huge run up, or if you have missed the boat, this breakdown will help you assess whether the current price makes sense or is starting to get ahead of itself. The stock has been on a remarkable tear, with the share price up 395.5% year to date and 381.7% over the last year, even after a recent 5.4% pullback over the past week and a modest 2.6% gain over the last month. Much of the recent move reflects renewed optimism around China focused healthcare names and ongoing policy support for domestic biopharma. This has pushed investor attention back toward companies with established pipelines and cash flow visibility. At the same time, shifting risk appetite in Hong Kong and improving liquidity conditions have helped fuel interest in quality names like 3SBio, amplifying both upside and volatility. Despite that backdrop, 3SBio currently scores a 4/6 on our valuation checks. This suggests the market may still be underestimating parts of its cash flow and asset base, but not across the board. Next we will unpack what those different valuation approaches are really telling us, then finish with a more intuitive way to think about value that goes beyond just the numbers.
3SBio delivered 381.7% returns over the last year. See how this stacks up to the rest of the Biotechs industry.
Approach 1: 3SBio Discounted Cash Flow (DCF) Analysis
A Discounted Cash Flow, or DCF, model estimates what a business is worth by projecting the cash it can generate in the future and then discounting those cash flows back to today.
For 3SBio, the model used is a 2 Stage Free Cash Flow to Equity approach. The company generated trailing twelve month free cash flow of about CN¥2.1 billion, and analysts, combined with extrapolations by Simply Wall St, see this rising to around CN¥4.3 billion by 2029 and roughly CN¥5.7 billion by 2035. In other words, the valuation assumes growth in cash generation over the coming decade, but not extremely rapid growth.
When all those future cash flows are discounted back to today, the DCF model produces an intrinsic value of HK$45.26 per share. Compared with the current market price, this implies 3SBio trades at roughly a 34.6% discount, indicating that the market price is below the value suggested by this particular cash flow model.
Result: UNDERVALUED
Our Discounted Cash Flow (DCF) analysis suggests 3SBio is undervalued by 34.6%. Track this in your watchlist or portfolio, or discover 907 more undervalued stocks based on cash flows.1530 Discounted Cash Flow as at Dec 2025
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for 3SBio.
Story Continues
Approach 2: 3SBio Price vs Earnings
For profitable companies like 3SBio, the price to earnings, or PE, ratio is a useful way to gauge how much investors are willing to pay for each dollar of current earnings. A higher PE can be justified if the market expects stronger growth or sees the business as lower risk, while slower growth or higher uncertainty typically calls for a lower, more conservative multiple.
3SBio currently trades on a PE of about 27.25x, broadly in line with the wider Biotechs industry average of around 27.71x, but at a notable discount to the 50.82x average of its peer group. To go a step further, Simply Wall St calculates a proprietary Fair Ratio of 19.77x for 3SBio, which is the PE you might expect once you factor in its earnings growth outlook, profit margins, industry, market cap and specific risks.
This Fair Ratio is more tailored than a simple comparison with peers or the sector, because it adjusts for how fast 3SBio is expected to grow and how risky those earnings are. Since the current 27.25x PE sits well above the 19.77x Fair Ratio, the multiple suggests the shares are pricing in more optimism than our fundamentals based model would support.
Result: OVERVALUEDSEHK:1530 PE Ratio as at Dec 2025
PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1452 companies where insiders are betting big on explosive growth.
Upgrade Your Decision Making: Choose your 3SBio Narrative
Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, a simple framework that connects the story you believe about a company with the numbers that drive its worth. A Narrative is your personal view of how 3SBio will grow, compete and manage its margins, translated into a clear financial forecast and, ultimately, a fair value estimate. On Simply Wall St, millions of investors build and share these Narratives on the Community page, where the platform turns your assumptions about future revenue, earnings and profit margins into an easy to read valuation you can compare with today’s share price to help inform a decision to buy, hold or sell. As new information like earnings releases, clinical updates or policy changes arrives, Narratives can be updated dynamically, helping your thesis stay current rather than static. For example, one Narrative for 3SBio might assume strong double digit revenue growth and a premium fair value, while another assumes slower growth and pricing pressure that leads to a far more conservative valuation.
Do you think there's more to the story for 3SBio? Head over to our Community to see what others are saying!SEHK:1530 Community Fair Values as at Dec 2025
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include 1530.HK.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Pfizer (PFE) Up 3.9% Since Last Earnings Report: Can It Continue?
Dec 4, 2025
A month has gone by since the last earnings report for Pfizer (PFE). Shares have added about 3.9% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Pfizer due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.
Q3 Earnings Beat Estimates, Sales Decline as COVID Demand Cools
Pfizer reported third-quarter 2025 adjusted earnings per share of 87 cents, which comprehensively beat the Zacks Consensus Estimate of 66 cents per share. Earnings declined 18% year over year due to lower revenues.
Adjusted EPS includes an acquired in-process R&D charge of 20 cents per share related to Pfizer’s licensing agreement with Chinese biotech, 3SBio.
Revenues came in at $16.7 billion, down 6% from the year-ago quarter on a reported basis and 7% on an operational basis due to a decline in revenues from its COVID-19 products, Comirnaty vaccine and antiviral pill, Paxlovid. Total revenues beat the Zacks Consensus Estimate of $16.60 billion by a slight margin. Sales of non-COVID products rose 4% in the third quarter, primarily driven by Eliquis, the Vyndaqel family and Nurtec.
International revenues rose 2% on an operational basis to $5.96 billion. U.S. revenues declined 11% to $10.69 billion.
Pfizer's recently launched and acquired products delivered $7.3 billion in revenues through the first nine months of 2025, while growing approximately 9% operationally versus last year.
The growth rate in the third quarter was lower than in the second quarter due to the unfavorable timing of pediatric CDC shipments of Prevnar and a one-time benefit from a transition to a wholesale distribution model for Seagen products in the United States.
Adjusted selling, informational and administrative (SI&A) expenses declined 3% (operationally) in the quarter to $3.16 billion due to ongoing productivity improvements, which led to lower marketing and promotional spend for various products. Adjusted R&D expenses declined 3% to $2.49 billion due to pipeline optimization (including the expansion of digital capabilities) and lower compensation-related costs.
Segment Discussion
Pfizer reports its revenues under three broad sub-segments of its Biopharma operating segment — Primary Care, Specialty Care and Oncology. Sales of the Primary Care segment declined 16% operationally to $7.65 billion. The Specialty Care unit recorded sales of $4.41 billion, up 1%. Sales of Oncology rose 4% to $4.25 billion.
Primary Care
In Primary Care, alliance revenues and direct sales from Eliquis rose 22% to $2.02 billion as higher demand trends globally and favorable net pricing in the United States were partially offset by price and generic erosion in some ex-U.S. markets. Alliance revenues from Eliquis beat the Zacks Consensus Estimate of $1.94 billion as well as our model estimate of $1.89 billion.
Global Prevnar family revenues declined 4% to $1.74 billion due to lower revenues in the United States, partially offset by higher sales in ex-U.S. markets. The Prevnar family includes revenues from Prevnar 13/Prevenar 13 (pediatric and adult) and Prevnar 20 (adult and pediatric). Prevnar revenues missed the Zacks Consensus Estimate of $1.79 billion as well as our model estimate of $1.77 billion. Prevnar sales declined 12% in the United States due to lower demand and unfavorable timing of a government bulk order for the pediatric indication, partially offsetting the continued uptake of the adult indication. Sales rose 17% in international markets driven by launches in key international markets.
Direct sales and alliance revenues from partner BioNTech for Comirnaty were $1.15 billion in the quarter, down 20% year over year due to narrower COVID-19 vaccine recommendations in the United States that reduced Comirnaty’s eligible patient population and delayed approval of the new variant vaccine. Comirnaty sales beat the Zacks Consensus Estimate of $1.14 billion but missed our estimate of $1.19 billion.
Paxlovid revenues were $1.23 billion in the quarter, down 55% year over year due to lower infection rates, which hurt demand trends. A one-time Paxlovid government stockpiling recorded in the year-ago quarter also hurt revenues. Paxlovid revenues beat the Zacks Consensus Estimate of $1.17 billion.
Nurtec ODT/Vydura contributed $412 million in the quarter, up 22% year over year, driven by strong demand in the United States and recent launches in certain international markets, partially offset by the impact of the IRA Medical Part D redesign and the 340B program.
Among the new products, Pfizer’s RSV vaccine, Abrysvo, recorded sales of $279.0 million, down 22% year over year. Abrysvo U.S. sales are being hurt due to limited recommendations for RSV vaccinations issued by the US Advisory Committee on Immunization Practices. Sales rose 75% in international markets.
Specialty Care
Global Vyndaqel family revenues of $1.59 billion rose 7% year over year, driven by continued demand growth due to increases in diagnosis and treatment rates, primarily in the United States and developed Europe and improving affordability dynamics in the United States. However, sales declined sequentially due to lower net price in the United States resulting from higher manufacturer discounts from the IRA Medicare Part D redesign and new payer contracts. Pfizer expects that these two factors may continue to hurt sales in the fourth quarter. The Vyndaqel family includes global revenues from Vyndaqel as well as revenues for Vyndamax in the United States and Vynmac in Japan. Vyndaqel family sales missed the Zacks Consensus Estimate of $1.63 billion as well as our model estimate of $1.64 billion.
Xeljanz sales declined 4% to $313 million. Enbrel revenues declined 12% to $154 million.
Cibinqo recorded revenues of $79 million in the quarter, up 24% year over year.
Oncology
In Oncology, Ibrance revenues declined 5% year over year to $1.06 billion due to the IRA impact in the United States and generic entry in certain international markets. Ibrance revenues beat the Zacks Consensus Estimate of $988 million as well as our estimate of $937.8 million.
Among the antibody-drug conjugates or ADCs added from the 2023 acquisition of Seagen, Adcetris sales of $215 million declined 20% year over year due to competitive pressure in the United States. Padcev rose 13% to $464 million, driven by strong demand trends mainly due to market share gains in first-line metastatic urothelial cancer. However, sales declined sequentially as the second-quarter results included a one-time benefit from a transition to a wholesale distribution model for Seagen products. Padcev sales missed the Zacks Consensus Estimate of $530.0 million and our model estimate of $541.3 million. Tukysa sales were $110.0 million, down 12%, while sales of Tivdak were $37 million, up 8%.
Xtandi recorded alliance revenues of $578 million in the quarter, up 3% year over year, driven by demand growth, partially offset by the impact of Medicare Part D redesign and unfavorable buying patterns. Inlyta revenues were $226 million in the quarter, down 9%. Lorbrena sales rose 28% to $268 million, driven by market share gains in the first-line ALK-positive metastatic NSCLC treatment setting in the United States, China, and some other international countries, partially offset by lower prices due to the Medicare Part D Redesign impact. Braftovi/Mektovi revenues were $202 million, up 17% year over year, driven by an increase in new patient starts. New drug, Elrexfio, generated sales of $85 million in the third quarter, same as in the previous quarter.
Revenues from oncology biosimilars were $315 million, up 10% year over year.
Story Continues
2025 Guidance Reaffirmed
Pfizer maintained its 2025 guidance for total revenues but raised its EPS guidance range for the year.
Pfizer projects total revenues between $61.0 billion and $64.0 billion.
Adjusted earnings per share are expected in the range of $3.00 to $3.15, up from the prior expectations of $2.90 to $3.10. The company raised the EPS guidance to account for a strong performance so far this year, cost savings and a lower-than-previously expected tax rate.
The guidance includes the impact of currently imposed tariffs from China, Canada and Mexico.
Research and development expense is expected to be in the range of $10.0 to $11.0 billion versus the prior expectation of $10.4 to $11.4 billion. SI&A guidance was maintained in the range of $13.1 to $14.1 billion. The adjusted tax rate is expected to be approximately 11% in 2025 (previously approximately 13.0%).
Pfizer continues to expect approximately $7.7 billion in savings by the end of 2027.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended downward during the past month.
The consensus estimate has shifted -12.11% due to these changes.
VGM Scores
Currently, Pfizer has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a score of A on the value side, putting it in the top quintile for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Pfizer has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Pfizer belongs to the Zacks Large Cap Pharmaceuticals industry. Another stock from the same industry, AbbVie (ABBV), has gained 6.2% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.
AbbVie reported revenues of $15.78 billion in the last reported quarter, representing a year-over-year change of +9.1%. EPS of $1.86 for the same period compares with $3.00 a year ago.
AbbVie is expected to post earnings of $3.37 per share for the current quarter, representing a year-over-year change of +56%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.2%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for AbbVie. Also, the stock has a VGM Score of D.
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This article originally published on Zacks Investment Research (zacks.com).
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- Why Pfizer's 7%-Yielding Dividend Just Became Safer -- and More Tempting
Nov 6, 2025
Key Points
Pfizer's Q3 earnings fell, but the company still raised its full-year earnings guidance. Major cost reductions remain on track, which should significantly boost the drugmaker's bottom line. Pfizer's patent cliff strategy appears to be working so far.10 stocks we like better than Pfizer ›
Income investors usually don't mind too much if a stock doesn't deliver tremendous gains, as long as it keeps the dividends flowing. They typically don't like it when a stock tumbles, though, as Pfizer(NYSE: PFE) has done this year.
But Pfizer's juicy forward dividend yield of 7% offsets most of the year-to-date decline. The company also reported good news in its third-quarter update earlier this week. Here are four reasons why Pfizer's dividend just became safer -- and more tempting.
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Image source: Getty Images.
1. A stronger earnings outlook
The greater a company's earnings, the better its position will be to pay dividends. However, Pfizer's adjusted earnings per share (EPS) declined 18% year over year in Q3. That might seem to indicate that the company's dividend is on shakier ground. But there's more to the story.
This earnings decrease was mainly driven by a one-time acquired in-process research and development charge related to Pfizer's licensing deal with 3SBio(OTC: TRSBF). Without the impact of this charge, the company's adjusted EPS would have increased slightly year over year.
Pfizer also raised and narrowed its full-year adjusted diluted EPS guidance to a range of $3.00 to $3.15 from its previous outlook of $2.90 to $3.10. This reflects management's confidence in the financial performance the company will deliver in the fourth quarter.
2. Major cost reductions are on track
There's a good reason to expect further bottom-line improvement in the future, which would bolster the dividend. Pfizer's cost-reduction initiatives remain on track.
In the Q3earnings call CFO David Denton said that the company expects to deliver at least $4.5 billion in cumulative net cost savings by the end of 2025. He added that the efforts should produce around $7.7 billion in savings by the end of 2027.
Sure, Pfizer will reinvest roughly $500 million of the cost savings identified in R&D to advance pipeline programs. However, most of the $7.7 billion will be available for other capital allocation priorities, including funding the dividend.
3. The patent cliff strategy seems to be working
What's the single biggest threat to Pfizer's dividend? Probably the huge patent cliff the company faces. Over the next few years, several of Pfizer's top-selling products will lose patent exclusivity. The good news for Pfizer (and its dividend), though, is that the drugmaker's strategy to mitigate the looming patent cliff seems to be working.
Several products picked up through acquisitions in recent years continue to enjoy strong momentum, especially migraine therapy Nurtec ODT. Pfizer's internal R&D is also paying off, with 28% year-over-year sales growth for lung cancer drug Lorbrena a great example.
Overall, revenue from recent launches and acquired products jumped 9% year over year in Q3. Pfizer expects that the growth from these products will largely offset the negative impact of its upcoming losses of exclusivity.
4. Continued management support for the dividend
Every time Pfizer's management publicly expresses support for the dividend, income investors should be able to breathe a little easier. And management again did so in the Q3 update.
CEO Albert Bourla mentioned "remaining committed to our dividend" in his opening remarks in the Q3earnings call CFO David Denton noted, as he has done in the past, that Pfizer's capital allocation strategy includes "maintaining and growing our dividend over time," as well as reinvesting in the business and making stock buybacks that enhance shareholder value.
Denton was even asked point-blank by an analyst on the Q3 call what Pfizer needed to do in the near term to grow its dividend while deleveraging. He replied that the company's increased productivity across its platform has enabled it to reduce leverage from around 4 times to 2.7 times. Denton said this deleverage has "given us increased flexibility to do both business development as well as maintain and grow our dividend over time."
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Keith Speights has positions in Pfizer. The Motley Fool has positions in and recommends Pfizer. The Motley Fool has a disclosure policy.</p>
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
- Is There Upside Left for 3SBio After Shares Surge Over 400% in 2025?
Sep 24, 2025
If you’ve been following 3SBio lately, you know the stock has been nothing short of a rollercoaster ride, with all the excitement and nerves that come with it. Maybe you’re holding on for the long term, or maybe you’re itching to make a move. Either way, it’s worth taking a closer look at where things stand, especially with valuation in mind.
Here’s what’s hard to ignore: over the last year, 3SBio’s share price has surged an eye-popping 420.4%, with year-to-date returns of 404.2%. Even the three- and five-year numbers are strong at 478.0% and 277.9%, respectively. That’s not to say things have always gone smoothly. The past week brought a slide of -3.5%, and the 30-day result is a modest 0.6% uptick. Still, these figures hint at a company that’s captured fresh attention, possibly as investors rethink the sector in light of new market dynamics, or as confidence grows in the company’s fundamentals and growth potential.
With all this action, the big question is whether the current price still offers any real value. That’s where things get interesting: on our valuation scorecard, 3SBio checks in at 4 out of 6, indicating it’s undervalued in four different ways. But how reliable are these individual valuation checks? In the next section, we’ll dig into the specific approaches to valuation, before ultimately sharing a smarter, more comprehensive way to size up 3SBio’s worth.
3SBio delivered 420.4% returns over the last year. See how this stacks up to the rest of the Biotechs industry.
Approach 1: 3SBio Discounted Cash Flow (DCF) Analysis
A Discounted Cash Flow (DCF) analysis estimates a company’s intrinsic value by projecting its future free cash flows and discounting them back to today’s value. This helps investors understand what a company is fundamentally worth based on its ability to generate cash.
For 3SBio, the current Free Cash Flow (FCF) is CN¥2.24 billion. Looking ahead, analysts forecast that FCF could reach CN¥4.53 billion by the end of 2029. Beyond that, projections up to 2035 show continued growth, with Simply Wall St extrapolating cash flows using modest growth rates for a total 10-year view.
All these future cash flows, estimated by both analysts and by Simply Wall St’s model, are discounted back to present value using the 2 Stage Free Cash Flow to Equity method. This calculation results in an estimated intrinsic value per share of HK$52.73.
This price suggests 3SBio is trading at a 42.9% discount to its projected fair value, implying that the market may be undervaluing the company’s cash-generating potential.
Story Continues
Result: UNDERVALUED
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for 3SBio.1530 Discounted Cash Flow as at Sep 2025
Our Discounted Cash Flow (DCF) analysis suggests 3SBio is undervalued by 42.9%. Track this in your watchlist or portfolio, or discover more undervalued stocks.
Approach 2: 3SBio Price vs Earnings
The Price-to-Earnings (PE) ratio is a go-to valuation tool for profitable companies like 3SBio because it links the company’s market price directly to its earnings. This provides a snapshot of what investors are willing to pay for each dollar of profit, making it particularly useful when assessing established, earnings-generating businesses.
Typically, a “fair” PE ratio reflects the market’s expectations for a company’s growth, its risk profile, and what investors are paying for similar businesses in the sector. Faster-growing, lower-risk companies often command higher PE ratios, while slower-growing or riskier firms tend to trade at lower multiples.
3SBio currently trades at a PE of 27.9x. The industry average PE for Biotechs is 28.9x, while its peer group averages a loftier 52.8x. At first glance, 3SBio looks cheaper than its peers and is about in line with the broader industry. To get a clearer sense of fair value, we use Simply Wall St’s proprietary Fair Ratio. This metric adjusts for the company’s growth rate, size, profitability, and risk to provide a more tailored benchmark.
The Fair Ratio for 3SBio is calculated at 21.8x, which is lower than both its actual PE and the industry average. Because this metric takes into account company and industry-specific dynamics, it serves as a better barometer of underlying value than traditional raw comparisons. When comparing the Fair Ratio to the actual PE, 3SBio stock appears to be trading a bit higher than fair value, suggesting a slight premium is being attached to its shares at the moment.
Result: OVERVALUEDSEHK:1530 PE Ratio as at Sep 2025
PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover companies where insiders are betting big on explosive growth.
Upgrade Your Decision Making: Choose your 3SBio Narrative
Earlier we mentioned that there is an even better way to understand valuation, so let’s introduce you to Narratives. A Narrative is your own story about a company, where you explain your view of its future growth, earnings, and profit margins, then translate that perspective into forecasts and a fair value estimate.
Narratives let you connect the dots between a company’s story, the numbers behind it, and what you think its shares are really worth. These Narratives are easy to create and explore on Simply Wall St’s Community page, where millions of investors share their perspectives and insights on companies like 3SBio.
By building or browsing Narratives, you can see exactly how different expectations line up with the current market price and get a clearer view of whether it is time to buy or sell. The best part is that they update in real time as new data and news become available, so you are always working from the latest information.
For example, some investors are bullish and see 3SBio’s fair value as high as HK$60.00, while others are more cautious, estimating it closer to HK$35.80. Narratives make it easy to compare these stories and make a smarter investing decision that fits your perspective.
Do you think there's more to the story for 3SBio? Create your own Narrative to let the Community know!SEHK:1530 Earnings & Revenue History as at Sep 2025
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include 1530.HK.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- 3 Reasons Pfizer's 7%-Yielding Dividend Is Getting Safer
Aug 13, 2025
Key Points
Pfizer's free cash flow should improve. The drugmaker's lower leverage ratio target gives it greater financial flexibility. New products should cushion the blow from Pfizer's looming patent cliff.10 stocks we like better than Pfizer ›
Many income investors probably have mixed emotions about stocks with ultra-high dividend yields. On one hand, they love the tremendous income these stocks provide. On the other hand, they might worry more often than not about a potential dividend cut.
Pfizer(NYSE: PFE) is a case in point, with its forward dividend yield of 7%. Although the stock is a favorite for many income investors, questions about the sustainability of the dividend persist.
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But there's good news for income investors following Pfizer's second-quarter update on Aug. 5. Here are three reasons Pfizer's juicy dividend is getting safer.
Image source: Getty Images.
1. Free cash flow should improve
The most important number for income investors to watch relating to a company's dividend sustainability is its free cash flow. At first glance, Pfizer's free cash flow might seem to be an area of concern. The company paid out $4.9 billion in dividends during the first half of 2025 but generated free cash flow of only $571 million.
However, Pfizer's financial situation is better than it looks. For one thing, the big drugmaker had to fork over $2.1 billion in tax payment repatriation and a payment to BioNTech for its gross profit split. CFO David Denton said in Pfizer's Q2earnings callthat the company expects improved cash flows in the second half of 2025.
What's more, Pfizer expects to achieve savings in the ballpark of $7.7 billion by the end of 2027 with its cost-cutting initiatives. Denton noted in the Q2 call that around $500 million of these savings will be reinvested in pipeline development. However, the rest could flow down to the bottom line and significantly boost free cash flow.
2. More financial flexibility with a lower leverage target
Pfizer continues to have three priorities in its capital allocation strategy. Income investors will like hearing that the first priority is still maintaining and growing the dividend "over time." The other two priorities are reinvesting in the business and stock buybacks.
However, Pfizer also has a debt load of around $61.7 billion to service. Cash used to pay down this debt reduces the amount available to direct toward the company's capital allocation priorities, including funding the dividend program.
The good news for income investors is that Pfizer has lowered its gross leverage ratio to roughly 2.7. The company's previous target leverage ratio was 3.25. Since Pfizer has already gone below that level, it has set a new target at the current level of 2.7.
Denton told analysts on the Q2earnings callthat the company was able to improve its cash generation faster than anticipated following the Seagen acquisition. While he added that Pfizer will "continue to deliver over time," the company should now have more financial flexibility to achieve its top capital allocation priority of maintaining and growing the dividend.
3. New products will cushion the blow from the patent cliff
What is the single biggest risk to Pfizer's attractive dividend? I'd put the looming patent cliff at the top of the list. The company faces the loss of exclusivity (LOE) for several of its best-selling drugs over the next few years.
Kidney cancer drug Inlyta loses patent exclusivity later this year. Autoimmune disease drug Xeljanz and anticoagulant Eliquis follow in 2026. Breast cancer drug Ibrance and prostate cancer drug Xtandi have LOEs in 2027. Melanoma and lung cancer therapy Mektovi could join them, pending a patent term extension. Pfizer's lucrative Vyndaqel/Vyndamax/Vynmac franchise is set to lose its key U.S. patent in 2028, pending another patent term extension.
The big pharmaceutical company is looking at billions of dollars in lost revenue as generics and biosimilars take market share away from these drugs. That's money that won't be available to go toward dividend payments.
Now for the good news. Pfizer stated in its Q2 update that the upcoming LOEs should "be largely offset by strong revenue growth from recent launches and acquired products." CEO Albert Bourla highlighted a few of them in his Q2earnings callcomments.
Bourla praised Elrexfio, in particular. He believes the drug could become a standard of care in treating multiple myeloma, a market that's projected to reach around $44 billion by 2027. Sales for Elrexfio nearly quadrupled year over year in Q2.
Sigvotatug vedotin (SV) is another highly promising candidate in Pfizer's pipeline. Bourla said that the experimental antibody-drug conjugate (ADC) could be a key growth driver before the end of the decade. SV targets non-small-cell lung cancer, a market that is likely to top $60 billion by 2030.
He also pointed to Pfizer's recent in-licensing agreement with Chinese drugmaker 3SBio for bispecific antibody SSGJ-707. Bourla stated in the Q2 call that this therapy "has the potential to deliver breakthroughs for patients in the next way in PD-1 immunotherapy, which is an established $55 billion market."
Strong floor, no ceiling
How confident is Pfizer's management team about the business going forward? Bourla put it this way: "I will describe Pfizer right now as a company with a very strong floor and no ceiling." That's a description of a stock with a 7% dividend yield that income investors should like to hear.
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Keith Speights has positions in Pfizer. The Motley Fool has positions in and recommends Pfizer. The Motley Fool recommends BioNTech Se. The Motley Fool has a disclosure policy.</p>
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
