Pfizer Inc. released financial results that exceeded analyst expectations for the fourth quarter of 2024 and the first quarter of 2025, while also reaffirming its guidance for 2026.
The company's financial performance reflects declining sales of its COVID-19 products offset by growth in other areas and recent strategic acquisitions.
Fourth Quarter 2024 Results
For Q4 2024, Pfizer reported adjusted earnings per share of 66 cents, exceeding the 57 cents expected by analysts. Revenue reached $17.56 billion, surpassing the $16.95 billion estimate, though representing a roughly 1% decline compared to the same period in the prior year.
The company recorded a net loss of $1.65 billion (29 cents per share) for the quarter, compared to a net income of $410 million (7 cents per share) in Q4 2023.
The revenue decline and net loss were primarily attributed to reduced demand for its COVID-19 vaccine and antiviral treatment Paxlovid.
First Quarter 2025 Results
In Q1 2025, Pfizer reported adjusted earnings per share of 75 cents, above the 72 cents expected by analysts. Revenue was $14.45 billion, exceeding the $13.79 billion estimate and representing a 5% increase year-over-year.
Net income for the quarter was $2.69 billion (47 cents per share), compared to $2.97 billion (52 cents per share) in Q1 2024.
Growth in recently launched and acquired products, along with older top-selling drugs such as Eliquis, offset continuing declines in COVID-19 vaccine and Paxlovid sales.
2026 Financial Guidance
Pfizer reaffirmed its 2026 financial outlook, projecting:
- Adjusted profit: $2.80 to $3.00 per share
- Revenue: $59.5 billion to $62.5 billion
The company stated that 2026 revenue is expected to be largely flat to slightly down compared to 2025. Factors cited for the projected performance include:
- An anticipated $1.5 billion year-over-year decline in COVID-19 vaccine and Paxlovid sales, to approximately $5 billion
- An additional $1.5 billion reduction due to certain products losing market exclusivity, resulting in increased competition for products including the pneumonia vaccine Prevnar
Strategic Initiatives and Recent Developments
Pfizer completed the $10 billion acquisition of Metsera, a biotechnology company focused on obesity treatments. The company also announced mid-stage clinical data for a Metsera obesity injection, indicating the treatment can be administered monthly and facilitates weight loss.
The company is implementing cost reduction initiatives targeting approximately $7.7 billion in savings by the end of 2027 through two distinct programs.
Additionally, Pfizer settled patent litigation with three generic manufacturers, extending U.S. patent protection for the drug Vyndamax until June 1, 2031.