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Dec 31, 2025
Pfizer Q4 2025 Earnings Report
Pfizer reported a net loss in the fourth quarter driven by significant impairment charges, while adjusted earnings remained positive.
Key Takeaways
Pfizer posted lower fourth-quarter revenue and a GAAP net loss due to large non-cash impairment charges, partially offset by stable underlying performance as reflected in positive adjusted earnings.
Fourth-quarter revenue declined modestly year over year.
GAAP results reflected a net loss driven by impairment charges.
Adjusted earnings remained positive despite COVID-related revenue declines.
Cost discipline was evident across selling and administrative expenses.
Revenue by Segment
Forward Guidance
Pfizer reaffirmed its 2026 outlook, expecting stable revenues and earnings supported by its non-COVID portfolio and pipeline progress.
Positive Outlook
- Reaffirmed full-year 2026 revenue guidance.
- Adjusted earnings expected to remain solid.
- Continued investment in late-stage pipeline.
- Operational discipline on costs.
- Growth in non-COVID products.
Challenges Ahead
- Ongoing decline in COVID-related revenues.
- Impact of impairment and restructuring charges.
- Foreign exchange volatility.
- Loss of exclusivity for select products.
- Macroeconomic and policy uncertainty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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