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Looking Ahead: Pfizer’s Full-Year 2026 Guidance Update

December 17, 2025
On December 16, 2025, Pfizer shared an update on our 2025 financial guidance – which remains strong – and provided a first look at our full-year 2026 guidance1. As we look ahead, we are confident in the strength of our business and our ability to deliver on our commitments while creating long-term value for our shareholders.

Below is a summary of the key takeaways from our full-year 2026 financial guidance update. 
Updated 2025 Financial Guidance1: Reaffirmed Adjusted2 Diluted EPS Guidance and Revised Revenue Guidance
As we near the end of 2025, we continue to deliver on our near-term financial commitments while strategically investing for the future.

Our 2025 financial guidance remains strong. With only a few weeks left in the year, we have revised our full-year 2025 Revenue guidance1 to approximately $62.0 billion, which remains within our previous guidance range of $61.0 to $64.0 billion. 

Importantly, we also reaffirmed our full-year 2025 Adjusted2 diluted earnings per share (EPS) guidance range of $3.00 to $3.15, with performance trending toward the upper end. This underscores our confidence in our ability to deliver on our profit commitments despite a weak COVID environment.

While our COVID product revenues have been compressed given the low rate of COVID infections globally, 2025 was marked by a series of strategic milestones expected to further strengthen Pfizer’s revenue growth potential late in the decade and beyond, including:

2026 Financial Guidance

Looking ahead to 2026, we are focused on disciplined investment and operational efficiency designed to achieve sustainable growth and drive shareholder value as we cycle into the next decade. 

Full-Year 2026 Guidance1:
  • Revenue Guidance1: $59.5 – $62.5 billion
  • Adjusted2 Diluted EPS Guidance1: $2.80 – $3.00
  • Total Adjusted2 SI&A and R&D Expenses Guidance1: $23.0 – $25.0 billion

Key Factors & Assumptions Influencing 2026 Guidance: 
  • Strategic Prioritization: Continued focus on key therapeutic areas, including development of the Metsera portfolio and our PD-1 x VEGF bispecific antibody in-licensed from 3SBio.
  • Product Performance: Stable revenue contributions expected from our non-COVID products portfolio, with COVID products expected to trend lower again in 2026.
  • Productivity Gains: We have exceeded 2025 targets for our cost improvement programs and remain on track to deliver about $7.2 billion in total combined net cost savings, with the majority now expected by the end of 2026, with $500 million reinvested to strengthen R&D productivity.
Overall, we plan to continue driving productivity and executing on our cost improvement programs in 2026, while also prioritizing investments in our business to drive sustainable growth by the end of the decade.

“2025 has been an important year for Pfizer with disciplined execution, focused performance and notable strategic milestones that have strengthened our company for future growth and impact. As we look to the year ahead, we are focused on our most significant opportunities to continue strengthening our company and advancing differentiated opportunities to meet the needs of patients, drive future growth and create long-term value for our shareholders.”

                                                                                       - Dr. Albert Bourla, Chairman and CEO

Driving Growth By the End of the Decade 

As we move into the second half of the decade, our focus is on positioning Pfizer to deliver long-term, sustainable growth. For example, we expect our recently launched and acquired assets to help partially offset Pfizer’s future LOEs, which are primarily expected to occur in 2026 through 2028.

In the latter part of the decade, we anticipate meaningful growth fueled by the maturation of our R&D pipeline, the impact of our recent business development initiatives, and the continued ramp-up of our recently launched and acquired products. Our priority is to invest strategically so that the end of the decade becomes strong years of growth for Pfizer. 

Our approach is clear: disciplined investment and operational efficiency designed to achieve sustainable growth and drive shareholder value.

A webcast replay of Pfizer’s Full-Year 2026 Financial Guidance conference call is available on the company’s Investor Relations website. You can also see the press release for additional information regarding the company’s financial guidance details and assumptions.


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 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 Adjusted2 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.

2 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 EPS3 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.

3 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.

Forward-looking statements included herein, including those related to our anticipated operating and financial performance, including our financial guidance, our product and pipeline advancements, our strategic priorities, and our efforts to return value to shareholders, speak only as of the original date they were made and are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at pfizer.com and the SEC's website. 

Forward-looking statements included herein are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” for a description of such substantial risks and uncertainties. These reports are available at pfizer.com and the SEC’s website.
 


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