NEW YORK, Nov. 4, 2025: Pfizer Inc. reported third-quarter earnings that exceeded market expectations and raised its full-year profit forecast despite continued declines in sales from its COVID-19 products. The results reflected solid cost management and stronger performance from key non-COVID medicines, which helped offset falling pandemic-related revenue. For the quarter ended September 30, Pfizer posted total revenues of US$16.65 billion, a 6 percent decrease from US$17.70 billion in the same period a year earlier. The company said the operational revenue decline, excluding foreign exchange effects, was approximately 7 percent.
Reported net income for the quarter was US$3.54 billion, compared with US$4.47 billion in the prior-year period. Diluted earnings per share were US$0.62, down from US$0.78, while adjusted diluted earnings per share reached US$0.87, exceeding analyst estimates that had averaged around US$0.63. Pfizer reaffirmed its full-year 2025 revenue guidance of between US$61 billion and US$64 billion, while raising its adjusted earnings-per-share outlook to a range of US$3.00 to US$3.15, up from its previous estimate of US$2.90 to US$3.10. The company said the updated guidance reflected year-to-date performance, ongoing cost-improvement initiatives and a more favorable effective tax rate.
Pfizer raises profit guidance as earnings surpass estimates
It also included a one-time acquired in-process research and development charge of US$1.35 billion related to a licensing agreement. The biopharmaceutical segment, Pfizer’s largest revenue driver, generated US$16.31 billion in the quarter, down 6 percent on a reported basis and 7 percent operationally. Its contract manufacturing and development business, Pfizer CentreOne, recorded revenues of US$344 million, representing 21 percent growth compared with the same quarter last year. Pfizer said its non-COVID product portfolio grew by approximately 4 percent operationally, partially offsetting weakness in pandemic-related products.
Sales of the anticoagulant Eliquis rose 22 percent operationally to US$2.02 billion, driven by steady global demand. Revenue from the heart-disease therapy family Vyndaqel, Vyndamax and Vynmac increased 7 percent operationally to US$1.59 billion. In contrast, the COVID-19 antiviral Paxlovid saw sales decline by 55 percent, while vaccine revenue from Comirnaty fell 20 percent, reflecting a drop in government purchases and vaccination rates as pandemic-related demand eased globally. Operating expenses continued to decline as Pfizer’s restructuring and cost-savings initiatives advanced. Cost of sales decreased 21 percent year-over-year to US$4.17 billion, representing 25 percent of total revenue compared with 29.7 percent in the same period last year.
Biopharma segment shows steady growth outside COVID products
Selling, informational and administrative expenses fell 2 percent operationally, while research and development spending declined 2 percent. The company said it remained on track to achieve approximately US$7.2 billion in net cost savings by the end of 2027. During the first nine months of 2025, Pfizer invested US$7.2 billion in internal research and development and approximately US$1.6 billion in business development transactions. It returned US$7.3 billion to shareholders through cash dividends, equivalent to US$1.29 per share. No share repurchases were completed in 2025, with a remaining authorization of US$3.3 billion. The company’s weighted average diluted share count for the quarter was approximately 5.71 billion, compared with 5.70 billion a year earlier.
Pfizer said its overall financial results for the third quarter reflected continued progress in its cost optimization and operational efficiency programs, alongside stable growth in its core non-COVID product portfolio. The company’s quarterly performance and updated guidance provide a clear view of its current business trajectory as it continues to balance declining pandemic revenues with ongoing portfolio development and disciplined financial execution, reinforcing its focus on maintaining profitability, strengthening its pipeline, and sustaining shareholder value amid a changing global healthcare environment. – By Content Syndication Services.