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April 29, 2025
Pfizer delivered solid first-quarter 2025 financial results, while continuing to execute with focus and discipline against its 2025 strategic priorities. The company made progress strengthening its research and development (R&D) organization, executing on cost savings initiatives, and deploying capital to support long-term growth.
Pfizer reported revenues of $13.7 billion for the first quarter of 2025, reflecting a 6% year-over-year operational decrease, driven primarily by lower Paxlovid revenue, partly due to last year’s one-time Paxlovid revenue credit recorded in the first quarter of 2024. In addition, U.S. revenue was impacted by changes in the Inflation Reduction Act Medicare Part D redesign, which took effect in the first quarter. The company reported first-quarter 2025 adjusted diluted earnings per share (EPS) of $0.92, reflecting a 12% increase compared to the prior-year quarter due to the company’s overall strong gross margin and cost management performance.1 Pfizer reaffirmed its full-year 2025 guidance, including expected revenues of $61.0 to $64.0 billion and adjusted diluted EPS of $2.80 to $3.00.2
Please reference Pfizer’s first quarter 2025 earnings release for additional information regarding the company’s financial guidance details and assumptions and for additional information regarding Pfizer’s first quarter 2025 results.
“We continued to execute with focus and discipline against our strategic priorities, including strengthening our R&D organization and driving improved productivity,” said Dr. Albert Bourla, Chairman and Chief Executive Officer. “With the underlying strength of our business, we believe we can be agile in navigating an uncertain and volatile external environment.”
Pfizer is on track for a strong year of anticipated pipeline progress. The company anticipates multiple key milestones, including at least four regulatory decisions, up to nine Phase 3 readouts and a significant series of pivotal program starts. During the last few months, Pfizer continued to advance its pipeline and portfolio of medicines and vaccines designed to address some of the world’s most pressing health challenges.
The company received approval from the U.S. Food and Drug Administration for its cancer medicine for use in a combination to treat adults with relapsed/refractory diffuse large B-cell lymphoma and secured European approval for its vaccine to prevent lower respiratory tract disease caused by respiratory syncytial virus in individuals 18 through 59 years of age. Within its Oncology portfolio, the company had multiple data readouts for key marketed and pipeline candidates for high-risk non-muscle invasive bladder cancer and for advanced or metastatic urothelial cancer, prostate cancer and breast cancer.
In addition, Pfizer announced key leadership appointments within its R&D organization during the quarter, including new leaders in Internal Medicine, Oncology, and Medical Affairs, as it continues to drive improved R&D productivity with sharpened focus.
For a comprehensive overview of Pfizer’s R&D pipeline, see the company’s latest pipeline snapshot.
Returning Value to Shareholders
Pfizer continued its plans to deploy capital to fuel future growth and return capital to shareholders.
In the first quarter of 2025, the company reinvested $2.2 billion in internal R&D projects and returned $2.4 billion to shareholders through cash dividends, or $0.43 per share of common stock. Pfizer also completed the sale of its remaining investment in Haleon, generating approximately $3.3 billion in net proceeds. This follows the previously announced sale of Haleon shares in January 2025, which resulted in approximately $3.0 billion in net cash proceeds.
Pfizer remains on track to deliver on the company’s goal of approximately $4.5 billion in net cost savings from its ongoing cost realignment program by the end of 2025. Today, the company announced:
“Our overall solid first-quarter performance demonstrates our continued focus on commercial execution amid U.S. Medicare Part D headwinds,” said David Denton, Chief Financial Officer and Executive Vice President. “Our focus on operational efficiency and financial discipline is driving strong results to our bottom line. We are currently trending towards the upper end of our 2025 Adjusted diluted EPS guidance range.”
For more information, visit Pfizer’s Investor Relations website.
1Adjusted income and Adjusted diluted 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. See the reconciliations of certain GAAP Reported to Non-GAAP Adjusted information for the first quarter of 2025 and 2024 accompanying Pfizer’s earnings release furnished with Pfizer’s Current Report on Form 8-K dated April 29, 2025. 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 EPS. 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 and the Non-GAAP Financial Measure: Adjusted Income section accompanying Pfizer’s earnings release furnished with Pfizer’s Current Report on Form 8-K dated April 29, 2025, for additional information.
2The company’s reaffirmed guidance does not currently include any potential impact related to future tariffs and trade policy changes, which we are unable to predict at this time.
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, our cost realignment program and our efforts to return value to shareholders, 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. Also reference Pfizer’s first quarter 2025 earnings release for additional information regarding our financial guidance details and assumptions.
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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