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Sep 28, 2025
Pfizer Q3 2025 Earnings Report
Pfizer reported lower revenue and earnings in Q3 2025 compared to the same period last year.
Key Takeaways
Pfizer's Q3 2025 results showed a decline in both revenue and net income, primarily driven by reduced demand for COVID-19 products. However, cost control measures and non-COVID product growth partially offset the decline. The company raised its full-year EPS guidance, signaling confidence in ongoing performance.
Q3 revenue fell to $16.654 billion, down from $17.702 billion in Q3 2024.
Net income dropped to $3.541 billion from $4.465 billion year over year.
Adjusted diluted EPS was $0.87, down from $1.06 in Q3 2024.
Pfizer reaffirmed revenue guidance and raised full-year EPS outlook.
Revenue by Segment
Forward Guidance
Pfizer reaffirmed its 2025 revenue guidance and raised its adjusted EPS outlook, reflecting confidence in execution and cost savings.
Positive Outlook
- Adjusted EPS guidance raised to $3.00–$3.15 from $2.90–$3.10.
- Full-year revenue guidance reaffirmed at $61.0–$64.0 billion.
- Improved effective tax rate to ~11.0% from ~13.0%.
- Continued progress on $7.2B cost-saving initiatives.
- Stronger commercial execution in non-COVID portfolio.
Challenges Ahead
- Decline in COVID-19 product revenues, notably Paxlovid and Comirnaty.
- Overall revenue down 6% YoY in Q3.
- Reported net income fell 21% compared to Q3 2024.
- Adjusted income down 18% YoY.
- Lower demand due to declining infection rates and narrower U.S. vaccine recommendations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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